Category: KB

MIL-OSI: NorthEast Community Bancorp, Inc. Reports Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

WHITE PLAINS, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the parent holding company of NorthEast Community Bank (the “Bank”), generated net income of $10.9 million, or $0.83 per basic share and $0.80 per diluted share, for the fourth quarter ended December 31, 2024 compared to net income of $12.1 million, or $0.82 per basic and diluted share, for the fourth quarter ended December 31, 2023. In addition, the Company generated net income of $47.8 million, or $3.64 per basic share and $3.58 per diluted share, for the year ended December 31, 2024 compared to net income of $46.3 million, or $3.32 per basic share and diluted share, for the year ended December 31, 2023.

Kenneth A. Martinek, Chairman of the Board and Chief Executive Officer, stated “We are pleased to report another quarter of strong earnings due to the strong performance of our loan portfolio. Despite the challenging high interest rate environment during 2023 that continued into most of 2024, loan demand remained strong with originations and outstanding commitments remaining robust. As has been in the past, construction lending in high demand-high absorption areas continues to be our focus.”

Highlights for the fourth quarter and the year ended December 31, 2024 are as follows:

Performance metrics continue to be strong with a return on average total assets ratio of 2.19%, a return on average shareholders’ equity ratio of 13.80%, and an efficiency ratio of 38.99% for the quarter ended December 31, 2024. For the year ended December 31, 2024, the Company generated a return on average total assets ratio of 2.50%, a return on average shareholders’ equity ratio of 15.83%, and an efficiency ratio of 37.00%.
Net interest income increased by $91,000 and $5.6 million, or 0.4% and 5.8%, respectively, for the quarter and year ended December 31, 2024 compared to the same periods in 2023.
Our net loans receivable increased by $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 compared to $1.6 billion at December 31, 2023.

Balance Sheet Summary

Total assets increased $246.2 million, or 14.0%, to $2.0 billion at December 31, 2024, from $1.8 billion at December 31, 2023. The increase in assets was primarily due to increases in net loans of $227.0 million, cash and cash equivalents of $9.6 million, equity securities of $3.9 million, real estate owned of $3.7 million, and other assets of $3.3 million.

Cash and cash equivalents increased $9.6 million, or 14.0%, to $78.3 million at December 31, 2024 from $68.7 million at December 31, 2023. The increase in cash and cash equivalents was a result of an increase in deposits of $270.3 million, partially offset by a decrease in borrowings of $64.0 million, an increase of $227.0 million in net loans, dividends to shareholders of $8.7 million, and stock repurchases of $2.4 million.

Equity securities increased $3.9 million, or 21.5%, to $22.0 million at December 31, 2024 from $18.1 million at December 31, 2023. The increase in equity securities was attributable to the purchase of $4.0 million in equity securities during the second half of 2024, offset by market depreciation of $109,000 due to market interest rate volatility during the year ended December 31, 2024.

Securities held-to-maturity decreased $1.2 million, or 7.8%, to $14.6 million at December 31, 2024 from $15.9 million at December 31, 2023 due to $1.2 million in maturities and pay-downs of various investment securities, partially offset by a decrease of $10,000 in the allowance for credit losses for held-to-maturity securities.

Loans, net of the allowance for credit losses, increased $227.0 million, or 14.3%, to $1.8 billion at December 31, 2024 from $1.6 billion at December 31, 2023. The increase in loans, net of the allowance for credit losses, was primarily due to loan originations of $656.0 million during the year ended December 31, 2024, consisting primarily of $573.8 million in construction loans with respect to which approximately 36.3% of the funds were disbursed at loan closings, with the remaining funds to be disbursed over the terms of the construction loans. In addition, during the year ended December 31, 2024, we originated $54.9 million in commercial and industrial loans, $14.0 million in non-residential loans, $12.6 million in multi-family loans, and $600,000 in mixed-use loans. We also originated $9.2 million in letters of credit.

Loan originations during the year ended December 31, 2024 resulted in a net increase of $206.8 million in construction loans, $8.6 million in commercial and industrial loans, $8.3 million in non-residential loans, $7.7 million in multi-family loans, and $409,000 in consumer loans. The increase in our loan portfolio was partially offset by decreases of $3.1 million in mixed-use loans and $1.8 million in residential loans, coupled with normal pay-downs and principal reductions.

The allowance for credit losses related to loans decreased to $4.8 million as of December 31, 2024, from $5.1 million as of December 31, 2023. The decrease in the allowance for credit losses related to loans was due to charge-offs totaling $347,000, offset by provision for credit losses totaling $84,000.

Premises and equipment decreased $647,000, or 2.5%, to $24.8 million at December 31, 2024 from $25.5 million at December 31, 2023 primarily due to the depreciation of fixed assets.

Investments in Federal Home Loan Bank stock decreased $532,000, or 57.3%, to $397,000 at December 31, 2024 from $929,000 at December 31, 2023. The decrease was due primarily to the mandatory redemption of Federal Home Loan Bank stock totaling $630,000 in connection with the maturity of $14.0 million in advances in 2024, offset by purchases of Federal Home Loan Bank stock totaling $98,000 due to the growth of our mortgage loan portfolio.

Bank owned life insurance (“BOLI”) increased $656,000, or 2.6%, to $25.7 million at December 31, 2024 from $25.1 million at December 31, 2023 due to increases in the BOLI cash value.

Accrued interest receivable increased $1.2 million, or 9.5%, to $13.5 million at December 31, 2024 from $12.3 million at December 31, 2023 due to an increase in the loan portfolio.

Real estate owned increased $3.7 million, or 251.6%, to $5.1 million at December 31, 2024 from $1.5 million at December 31, 2023 due to foreclosure of a property, with a book value of $4.4 million, located in the Bronx, New York, offset by charge-offs totaling $689,000 resulting from a decrease in the estimated fair value of a foreclosed property located in Pittsburgh, Pennsylvania.

Right of use assets — operating decreased $565,000, or 12.4%, to $4.0 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

Other assets increased $3.3 million, or 40.5%, to $11.3 million at December 31, 2024 from $8.0 million at December 31, 2023 due to increases of $2.8 million in tax assets, $476,000 in suspense accounts, and $6,000 in miscellaneous assets, partially offset by decreases of $40,000 in prepaid expenses and $2,000 in securities receivables.

Total deposits increased $270.3 million, or 19.3%, to $1.7 billion at December 31, 2024 from $1.4 billion at December 31, 2023. The increase in deposits was primarily due to the Bank offering competitive interest rates to attract deposits. This resulted in a shift in deposits whereby certificates of deposit increased $239.7 million, or 31.5%, and NOW/money market accounts increased $98.0 million, or 67.4%, partially offset by decreases in savings account balances of $54.3 million, or 28.2%, and non-interest bearing demand deposits of $14.7 million, or 4.9%.

Federal Reserve Bank borrowings of $50.0 million at December 31, 2023 and Federal Home Loan Bank advances of $14.0 million at December 31, 2023 were paid-off during the year ended December 31, 2024.

Advance payments by borrowers for taxes and insurance decreased $402,000, or 19.9%, to $1.6 million at December 31, 2024 from $2.0 million at December 31, 2023 due primarily to real estate tax payments for borrowers.

Lease liability – operating decreased $517,000, or 11.2%, to $4.1 million at December 31, 2024 from $4.6 million at December 31, 2023, primarily due to amortization.

Accounts payable and accrued expenses increased $972,000, or 7.2%, to $14.5 million at December 31, 2024 from $13.6 million at December 31, 2023 due primarily to increases in dividends payable and other payables of $856,000 and deferred compensation of $729,000, partially offset by decreases in accrued interest expense of $102,000, suspense account for loan closings of $99,000, and accrued expense of $79,000. The allowance for credit losses for off-balance sheet commitments decreased $333,000, or 32.1%, to $704,000 at December 31, 2024 from $1.0 million at December 31, 2023.

Stockholders’ equity increased $39.7 million, or 14.2% to $319.1 million at December 31, 2024, from $279.3 million at December 31, 2023. The increase in stockholders’ equity was due to net income of $47.8 million for the year ended December 31, 2024, the amortization expense of $2.0 million relating to restricted stock and stock options granted under the Company’s 2022 Equity Incentive Plan, an increase of $1.3 million in earned employee stock ownership plan shares coupled with a reduction of $475,000 in unearned employee stock ownership plan shares, and an exercise of stock options totaling $14,000, partially offset by dividends paid and declared of $8.7 million, stock repurchases and stock repurchase excise taxes totaling $2.5 million, awarding restricted stock totaling $725,000. and $93,000 in other comprehensive income.

Results of Operations for the Quarter Ended December 31, 2024 and 2023

Net Interest Income

Net interest income was $25.3 million for the quarter ended December 31, 2024, as compared to $25.2 million for the quarter ended December 31, 2023. The increase in net interest income of $92,000, or 0.4%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

The increase in interest income is attributable to increases in the average balances of loans, interest-bearing deposits, and investment securities, partially offset by a decrease in the average balances of FHLB stock. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the quarter ended December 31, 2024 was due to an increase in the cost of funds on our deposits. The increase in interest expense was also due to an increase in the average balances on our certificates of deposits and our interest-bearing demand deposits, offset by a decrease in the average balances on our savings and club deposits and our borrowed money.

Total interest and dividend income increased $3.3 million, or 9.0%, to $40.5 million for the quarter ended December 31, 2024 from $37.1 million for the quarter ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $249.5 million, or 15.0%, to $1.9 billion for the quarter ended December 31, 2024 from $1.7 billion for the quarter ended December 31, 2023, partially offset by a decrease in the yield on interest earning assets by 47 basis points from 8.93% for the quarter ended December 31, 2023 to 8.46% for the quarter ended December 31, 2024.

Interest expense increased $3.3 million, or 27.3%, to $15.2 million for the quarter ended December 31, 2024 from $11.9 million for the quarter ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 20 basis points from 4.14% for the quarter ended December 31, 2023 to 4.34% for the quarter ended December 31, 2024 and an increase in average interest bearing liabilities of $247.3 million, or 21.5%, to $1.4 billion for the quarter ended December 31, 2024 from $1.2 billion for the quarter ended December 31, 2023.

Our net interest margin decreased 77 basis points, or 12.7%, to 5.29% for the quarter ended December 31, 2024 compared to 6.06% for the quarter ended December 31, 2023. The decrease in the net interest margin was due to an increase in the cost of funds on interest-bearing liabilities and a decrease in the yield on interest-earning assets.

Credit Loss Expense

The Company recorded a credit loss expense of $26,000 for the quarter ended December 31, 2024 compared to a credit loss expense of $205,000 for the quarter ended December 31, 2023. The credit loss expense of $26,000 for the quarter ended December 31, 2024 was comprised of credit loss expense for loans of $230,000 due to charge-offs of $232,000 in unpaid overdrafts in our demand deposit accounts, offset by credit loss expense reduction for off-balance sheet commitments of $204,000 primarily attributable to a decrease in the aggregate unfunded off-balance sheet commitments.

The credit loss expense of $205,000 for the three months ended December 31, 2023 was comprised of credit loss expense for loans of $352,000 and credit loss expense for held-to-maturity investment securities of $6,000, partially offset by credit loss expense reduction for off-balance sheet commitments of $153,000.

With respect to the allowance for credit losses for loans, we charged-off $232,000 during the quarter ended December 31, 2024 as compared to charge-offs of $27,000 during the quarter ended December 31, 2023. The charge-offs during both periods were against various unpaid overdrafts in our demand deposit accounts.

We recorded no recoveries from previously charged-off loans during the quarter ended December 31, 2024 and 2023.

Non-Interest Income

Non-interest income for the quarter ended December 31, 2024 was $149,000 compared to non-interest income of $1.4 million for the quarter ended December 31, 2023. The decrease of $1.2 million, or 89.2%, in total non-interest income was primarily due to decreases of $1.2 million in unrealized gain (loss) on equity securities, $115,000 in investment advisory fees, and $12,000 in miscellaneous other non-interest income, partially offset by increases of $40,000 from sale/disposition of fixed assets, $14,000 in BOLI income, and $11,000 in other loan fees and service charges.

The increase in unrealized gain (loss) on equity securities was due to an unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 compared to an unrealized gain of $621,000 on equity securities during the quarter ended December 31, 2023. The unrealized loss of $554,000 on equity securities during the quarter ended December 31, 2024 was due to market interest rate volatility during the quarter ended December 31, 2024.

Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the quarter ended December 31, 2024 compared to losses of $18,000 during the quarter ended December 31, 2023.

The increase in BOLI income of $14,000 was due to an increase in the yield on BOLI assets.

The increase of $11,000 in other loan fees and service charges was due to an increase of $24,000 in ATM/debit card/ACH fees and an increase of $2,000 in deposit account fees, partially offset by a decrease of $15,000 in other loan fees and loan servicing fees.

Non-Interest Expense

Non-interest expense increased $688,000, or 7.5%, to $9.9 million for the quarter ended December 31, 2024 from $9.2 million for the quarter ended December 31, 2023. The increase resulted primarily from increases of $444,000 in salaries and employee benefits, $163,000 in real estate owned expense, $108,000 in outside data processing expense, $79,000 in other operating expense, $18,000 in equipment expense, $7,000 in occupancy expense, and $7,000 in advertising expense, partially offset by a decrease of $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group.

Income Taxes

We recorded income tax expense of $4.6 million and $5.1 million for the quarter ended December 31, 2024 and 2023, respectively. For the quarter ended December 31, 2024, we had approximately $205,000 in tax exempt income, compared to approximately $190,000 in tax exempt income for the quarter ended December 31, 2023. Our effective income tax rates were 29.5% for the quarter ended December 31, 2024 and 2023, respectively.

Results of Operations for the Year Ended December 31, 2024 and 2023

Net Interest Income

Net interest income was $102.8 million for the year ended December 31, 2024 as compared to $97.2 million for the year ended December 31, 2023. The increase in net interest income of $5.6 million, or 5.8%, was primarily due to an increase in interest income that exceeded an increase in interest expense.

The increase in interest income is attributable to increases in loans and interest-bearing deposits, partially offset by decreases in investment securities and FHLB stock. The increase in interest income is also attributable to the Federal Reserve’s interest rate increases during 2023 that continued until September 2024. However, the Federal Reserve’s decrease of interest rates starting in September 2024 impacted the yield on our interest earning assets.

The increase in market interest rates in 2023 that continued until September 2024 also caused an increase in our interest expense. As a result, the increase in interest expense for the year ended December 31, 2024 was due to an increase in the cost of funds on our deposits and borrowed money. The increase in interest expense was also due to increases in the average balances on our certificates of deposits, our interest-bearing demand deposits, and our borrowed money, offset by a decrease in the average balance of our savings and club deposits.

Total interest and dividend income increased $27.5 million, or 20.8%, to $160.0 million for the year ended December 31, 2024 from $132.5 million for the year ended December 31, 2023. The increase in interest and dividend income was due to an increase in the average balance of interest earning assets of $312.3 million, or 20.6%, to $1.8 billion for the year ended December 31, 2024 from $1.5 billion for the year ended December 31, 2023 and an increase in the yield on interest earning assets by two basis points from 8.73% for the year ended December 31, 2023 to 8.75% for the year ended December 31, 2024.

Interest expense increased $21.9 million, or 62.1%, to $57.2 million for the year ended December 31, 2024 from $35.3 million for the year ended December 31, 2023. The increase in interest expense was due to an increase in the cost of interest bearing liabilities by 77 basis points from 3.58% for the year ended December 31, 2023 to 4.35% for the year ended December 31, 2024, and an increase in average interest bearing liabilities of $328.9 million, or 33.3%, to $1.3 billion for the year ended December 31, 2024 from $986.3 million for the year ended December 31, 2023.

Net interest margin decreased 79 basis points, or 12.3%, for the year ended December 31, 2024 to 5.62% compared to 6.41% for the year ended December 31, 2023.

Credit Loss Expense

The Company recorded a credit loss expense reduction totaling $260,000 for the year ended December 31, 2024 compared to a credit loss expense totaling $972,000 for the year ended December 31, 2023. The credit loss expense reduction of $260,000 for the year ended December 31, 2024 was comprised of a credit loss expense reduction for off-balance sheet commitments of $334,000 and a credit loss expense reduction for held-to-maturity investment securities of $10,000, offset by a credit loss expense for loans of $84,000.

The credit loss expense reduction for off-balance sheet commitments of $334,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $157.6 million in the level of off-balance sheet commitments. The credit loss expense reduction for held-to-maturity investment securities of $10,000 for the year ended December 31, 2024 was primarily attributed to a reduction of $708,000 in the level of applicable held-to-maturity investment securities.

The credit loss expense for loans of $84,000 for the year ended December 31, 2024 was primarily attributed to charge-offs totaling $347,000, partially offset by favorable trends in the economy.

The credit loss expense of $972,000 for the year ended December 31, 2023 was comprised of credit loss expense for loans of $1.5 million and credit loss expense for held-to-maturity investment securities of $5,000, partially offset by a credit loss expense reduction for off-balance sheet commitments of $548,000.

We charged-off $347,000 during the year ended December 31, 2024 as compared to charge-offs of $313,000 during the year ended December 31, 2023. The charge-offs of $347,000 during the year ended December 31, 2024 were against various unpaid overdrafts in our demand deposit accounts. The charge-offs of $312,000 during the year ended December 31, 2023 were comprised of a charge-off of $159,000 related to three performing construction loans on the same project whereby we sold the loans to a third-party at a loss of $159,000. The remaining charge-offs of $153,000 for the 2023 period were against various unpaid overdrafts in our demand deposit accounts.

We recorded no recoveries from previously charged-off loans during the year ended December 31, 2024 and 2023.

Non-Interest Income

Non-interest income for the year ended December 31, 2024 was $2.8 million compared to non-interest income of $3.7 million for the year ended December 31, 2023. The decrease of $960,000, or 25.6%, in total non-interest income was primarily due to decreases of $458,000 in investment advisory fees, $403,000 in unrealized gains (losses) on equity securities, and $357,000 in BOLI income, partially offset by increases of $207,000 in other loan fees and service charges, $40,000 from sale/disposition of fixed assets, and $11,000 in miscellaneous other non-interest income.

The decrease in investment advisory fees was due to the disposition in January 2024 of the Bank’s assets relating to the Harbor West Wealth Management Group. As a result of the transaction, the Bank no longer generates investment advisory fees. The decrease in unrealized gain (loss) on equity securities was due to an unrealized loss of $109,000 on equity securities during the year ended December 31, 2024 compared to an unrealized gain of $294,000 on equity securities during the year ended December 31, 2023. The unrealized loss of $109,000 on equity securities during the 2024 period was due to market interest rate volatility during the year ended December 31, 2024.

The decrease in BOLI income was primarily due to two death claims totaling $1.8 million on BOLI policies that resulted in additional BOLI income of $404,000 in the year ended December 31, 2023.

The increase of $207,000 in other loan fees and service charges was due to increases of $148,000 in other loan fees and loan servicing fees, $51,000 in ATM/debit card/ACH fees, and $7,000 in deposit account fees.

Regarding the sale/disposition of fixed assets, we recorded gains of $22,000 during the year ended December 31, 2024 compared to losses of $18,000 during the year ended December 31, 2023.

Non-Interest Expense

Non-interest expense increased $3.8 million, or 10.9%, to $39.1 million for the year ended December 31, 2024 from $35.2 million for the year ended December 31, 2023. The increase resulted primarily from increases of $2.1 million in salaries and employee benefits, $879,000 in other operating expense, $638,000 in real estate owned expense, $394,000 in outside data processing expense, and $233,000 in occupancy expense, partially offset by decreases of $165,000 in equipment expense, $138,000 in loss on the disposition of the Bank’s assets relating to the Harbor West Wealth Management Group, and $103,000 in advertising expense.

Income Taxes

We recorded income tax expense of $19.0 million and $18.5 million for the year ended December 31, 2024 and 2023, respectively. For the year ended December 31, 2024, we had approximately $802,000 in tax exempt income, compared to approximately $1.1 million in tax exempt income for the year ended December 31, 2023. The decrease in tax exempt income was due to two death claims totaling $1.8 million on BOLI policies during the year ended December 31, 2023. Our effective income tax rates were 28.4% and 28.5% for the year ended December 31, 2024 and 2023, respectively.

Asset Quality

Non-performing assets were $5.1 million at December 31, 2024 compared to $5.8 million at December 31, 2023. At December 31, 2023, we had two non-performing construction loans totaling $4.4 million secured by the same project located in the Bronx, New York. We successfully foreclosed on these two loans on October 21, 2024 and the balances were transferred to foreclosed real estate. As a result, at December 31, 2024, we had two non-performing assets consisting of two foreclosed properties, with one foreclosed property totaling $4.4 million located in the Bronx, New York and one foreclosed property totaling $767,000 located in Pittsburgh, Pennsylvania.

Our ratio of non-performing assets to total assets remained low at 0.25% at December 31, 2024 as compared to 0.33% at December 31, 2023.

The Company’s allowance for credit losses related to loans was $4.8 million, or 0.27% of total loans as of December 31, 2024, compared to $5.1 million, or 0.32% of total loans, as of December 31, 2023. Based on a review of the loans that were in the loan portfolio at December 31, 2024, management believes that the allowance for credit losses related to loans is maintained at a level that represents its best estimate of inherent losses in the loan portfolio that were both probable and reasonably estimable.

In addition, at December 31, 2024, the Company’s allowance for credit losses related to off-balance sheet commitments totaled $704,000 and the allowance for credit losses related to held-to-maturity debt securities totaled $126,000.

Capital

The Company’s total stockholders’ equity to assets ratio was 15.87% as of December 31, 2024. At December 31, 2024, the Company had the ability to borrow $834.7 million from the Federal Reserve Bank of New York, $18.2 million from the Federal Home Loan Bank of New York and $8.0 million from Atlantic Community Bankers Bank.

The Bank’s capital position remains strong relative to current regulatory requirements and the Bank is considered a well-capitalized institution under the Prompt Corrective Action framework. As of December 31, 2024, the Bank had a tier 1 leverage capital ratio of 14.76% and a total risk-based capital ratio of 14.04%.

The Company completed its first stock repurchase program on April 14, 2023 whereby the Company repurchased 1,637,794 shares, or 10%, of the Company’s issued and outstanding common stock. The cost of the stock repurchase program totaled $23.0 million, including commission costs and Federal excise taxes. Of the total shares repurchased under this program, 957,275 of such shares were repurchased during 2023 at a total cost of $13.7 million, including commission costs and Federal excise taxes.

The Company commenced its second stock repurchase program on May 30, 2023 whereby the Company will repurchase 1,509,218, or 10%, of the Company’s issued and outstanding common stock. As of December 31, 2024, the Company had repurchased 1,091,174 shares of common stock under its second repurchase program, at a cost of $17.2 million, including commission costs and Federal excise taxes.

About NorthEast Community Bancorp

NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

Forward Looking Statement

This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, decreases in deposit levels necessitating increased borrowing to fund loans and securities, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area, the impact of failures or disruptions in or breaches of the Company’s operational or security systems, data or infrastructure, or those of third parties, including as a result of cyberattacks or campaigns, and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.


CONTACT:	Kenneth A. Martinek
	Chairman and Chief Executive Officer

PHONE:	(914) 684-2500


NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)

	December 31,			December 31,
	2024			2023
	(In thousands, except share
	and per share amounts)
ASSETS
Cash and amounts due from depository institutions	$	13,700		$	13,394
Interest-bearing deposits		64,559			55,277
Total cash and cash equivalents		78,259			68,671
Certificates of deposit		100			100
Equity securities		21,994			18,102
Securities held-to-maturity ( net of allowance for credit losses of $126 and $136, respectively )		14,616			15,860
Loans receivable		1,813,647			1,586,721
Deferred loan (fees) costs, net		(49	)		176
Allowance for credit losses		(4,830	)		(5,093	)
Net loans		1,808,768			1,581,804
Premises and equipment, net		24,805			25,452
Investments in restricted stock, at cost		397			929
Bank owned life insurance		25,738			25,082
Accrued interest receivable		13,481			12,311
Real estate owned		5,120			1,456
Property held for investment		1,370			1,407
Right of Use Assets – Operating		4,001			4,566
Right of Use Assets – Financing		347			351
Other assets		11,302			8,044
Total assets	$	2,010,298		$	1,764,135
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	287,135		$	300,184
Interest bearing		1,383,240			1,099,852
Total deposits		1,670,375			1,400,036
Advance payments by borrowers for taxes and insurance		1,618			2,020
Borrowings		–			64,000
Lease Liability – Operating		4,108			4,625
Lease Liability – Financing		609			571
Accounts payable and accrued expenses		14,530			13,558
Total liabilities		1,691,240			1,484,810

Stockholders’ equity:
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding	$	—		$	—
Common stock, $0.01 par value; 75,000,000 shares authorized; 14,016,254 shares and 14,144,856 shares outstanding, respectively		140			142
Additional paid-in capital		110,091			109,924
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(6,088	)		(6,563	)
Retained earnings		214,691			175,505
Accumulated other comprehensive income		224			317
Total stockholders’ equity		319,058			279,325
Total liabilities and stockholders’ equity	$	2,010,298		$	1,764,135

NORTHEAST COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)


	Quarter Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
							(In thousands, except per share amounts)
INTEREST INCOME:
Loans	$	39,081		$	35,660		$	153,902		$	127,486
Interest-earning deposits		1,144			1,257			5,202			4,143
Securities		247			209			909			859
Total Interest Income		40,472			37,126			160,013			132,488
INTEREST EXPENSE:
Deposits		15,160			11,131			55,619			34,181
Borrowings		5			779			1,564			1,078
Financing lease		9			10			38			38
Total Interest Expense		15,174			11,920			57,221			35,297
Net Interest Income		25,298			25,206			102,792			97,191
Provision for (reversal of) credit loss		26			205			(260	)		972
Net Interest Income after Provision for (Reversal of) Credit Loss		25,272			25,001			103,052			96,219
NON-INTEREST INCOME:
Other loan fees and service charges		485			474			2,098			1,891
Gain (loss) on disposition of equipment		22			(18	)		22			(18	)
Earnings on bank owned life insurance		170			156			656			1,013
Investment advisory fees		–			115			–			458
Realized and unrealized (loss) gain on equity securities		(554	)		621			(109	)		294
Other		26			38			116			105
Total Non-Interest Income		149			1,386			2,783			3,743
NON-INTEREST EXPENSES:
Salaries and employee benefits		5,204			4,760			20,942			18,839
Occupancy expense		712			705			2,828			2,595
Equipment		229			211			890			1,055
Outside data processing		680			572			2,604			2,210
Advertising		108			101			418			521
Loss on disposition of business		–			138			–			138
Real estate owned expense		204			41			731			93
Other		2,785			2,706			10,649			9,770
Total Non-Interest Expenses		9,922			9,234			39,062			35,221
INCOME BEFORE PROVISION FOR INCOME TAXES		15,499			17,153			66,773			64,741
PROVISION FOR INCOME TAXES		4,566			5,052			18,982			18,465
NET INCOME	$	10,933		$	12,101		$	47,791		$	46,276

NORTHEAST COMMUNITY BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL DATA (Unaudited)

	Quarter Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(In thousands, except per share amounts)						(In thousands, except per share amounts)
Per share data:
Earnings per share – basic	$	0.83		$	0.82		$	3.64		$	3.32
Earnings per share – diluted		0.80			0.82			3.58			3.32
Weighted average shares outstanding – basic		13,132			14,720			13,136			13,930
Weighted average shares outstanding – diluted		13,582			14,778			13,359			13,936
Performance ratios/data:
Return on average total assets		2.19	%		2.77	%		2.50	%		2.90	%
Return on average shareholders’ equity		13.80	%		17.49	%		15.83	%		17.09	%
Net interest income	$	25,298		$	25,206		$	102,792		$	97,191
Net interest margin		5.29	%		6.06	%		5.62	%		6.41	%
Efficiency ratio		38.99	%		34.72	%		37.00	%		34.90	%
Net charge-off ratio		0.05	%		0.01	%		0.02	%		0.02	%

Loan portfolio composition:							December 31, 2024			December 31, 2023
One-to-four family							$	3,472		$	5,252
Multi-family								206,606			198,927
Mixed-use								26,571			29,643
Total residential real estate								236,649			233,822
Non-residential real estate								29,446			21,130
Construction								1,426,167			1,219,413
Commercial and industrial								119,736			111,116
Consumer								1,649			1,240
Gross loans								1,813,647			1,586,721
Deferred loan (fees) costs, net								(49	)		176
Total loans							$	1,813,598		$	1,586,897
Asset quality data:
Loans past due over 90 days and still accruing							$	–		$	–
Non-accrual loans								–			4,385
OREO property								5,120			1,456
Total non-performing assets							$	5,120		$	5,841

Allowance for credit losses to total loans								0.27	%		0.32	%
Allowance for credit losses to non-performing loans								0.00	%		116.15	%
Non-performing loans to total loans								0.00	%		0.28	%
Non-performing assets to total assets								0.25	%		0.33	%

Bank’s Regulatory Capital ratios:
Total capital to risk-weighted assets								13.92	%		13.43	%
Common equity tier 1 capital to risk-weighted assets								13.65	%		13.10	%
Tier 1 capital to risk-weighted assets								13.65	%		13.10	%
Tier 1 leverage ratio								14.44	%		14.43	%

NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Quarter Ended December 31, 2024								Quarter Ended December 31, 2023
	Average			Interest		Average			Average			Interest		Average
	Balance			and dividend		Yield			Balance			and dividend		Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,784,920		$	39,081		8.76	%	$	1,545,446		$	35,660		9.23	%
Securities		36,817			232		2.52	%		33,124			188		2.27	%
Federal Home Loan Bank stock		455			15		13.19	%		929			21		9.04	%
Other interest-earning assets		90,279			1,144		5.07	%		83,436			1,257		6.03	%
Total interest-earning assets		1,912,471			40,472		8.46	%		1,662,935			37,126		8.93	%
Allowance for credit losses		(4,833	)							(4,771	)
Non-interest-earning assets		92,422								87,557
Total assets	$	2,000,060							$	1,745,721

Interest-bearing demand deposit	$	233,112		$	2,198		3.77	%	$	118,691		$	1,026		3.46	%
Savings and club accounts		137,295			767		2.23	%		206,120			1,404		2.72	%
Certificates of deposit		1,026,433			12,195		4.75	%		758,928			8,701		4.59	%
Total interest-bearing deposits		1,396,840			15,160		4.34	%		1,083,739			11,131		4.11	%
Borrowed money		1,293			14		4.33	%		67,049			789		4.71	%
Total interest-bearing liabilities		1,398,133			15,174		4.34	%		1,150,788			11,920		4.14	%
Non-interest-bearing demand deposit		263,711								298,739
Other non-interest-bearing liabilities		21,428								19,449
Total liabilities		1,683,272								1,468,976
Equity		316,788								276,745
Total liabilities and equity	$	2,000,060							$	1,745,721

Net interest income / interest spread				$	25,298		4.12	%				$	25,206		4.79	%
Net interest rate margin							5.29	%							6.06	%
Net interest earning assets	$	514,338							$	512,147
Average interest-earning assets to interest-bearing liabilities		136.79	%							144.50	%


NORTHEAST COMMUNITY BANCORP, INC. NET INTEREST MARGIN ANALYSIS (Unaudited)

	Year Ended December 31, 2024								Year Ended December 31, 2023
	Average			Interest		Average			Average			Interest		Average
	Balance			and dividend		Yield			Balance			and dividend		Yield
	(In thousands, except yield/cost information)								(In thousands, except yield/cost information)
Loan receivable gross	$	1,701,079		$	153,902		9.05	%	$	1,401,492		$	127,486		9.10	%
Securities		34,765			839		2.41	%		37,819			777		2.05	%
Federal Home Loan Bank stock		677			70		10.34	%		984			82		8.33	%
Other interest-earning assets		92,610			5,202		5.62	%		76,542			4,143		5.41	%
Total interest-earning assets		1,829,131			160,013		8.75	%		1,516,837			132,488		8.73	%
Allowance for credit losses		(4,940	)							(4,676	)
Non-interest-earning assets		90,675								84,287
Total assets	$	1,914,866							$	1,596,448

Interest-bearing demand deposit	$	209,993		$	8,498		4.05	%	$	93,426		$	2,459		2.63	%
Savings and club accounts		154,430			3,799		2.46	%		248,755			6,777		2.72	%
Certificates of deposit		917,665			43,322		4.72	%		615,124			24,945		4.06	%
Total interest-bearing deposits		1,282,088			55,619		4.34	%		957,305			34,181		3.57	%
Borrowed money		33,117			1,602		4.84	%		29,007			1,116		3.85	%
Total interest-bearing liabilities		1,315,205			57,221		4.35	%		986,312			35,297		3.58	%
Non-interest-bearing demand deposit		277,957								322,185
Other non-interest-bearing liabilities		19,739								17,139
Total liabilities		1,612,901								1,325,636
Equity		301,965								270,812
Total liabilities and equity	$	1,914,866							$	1,596,448

Net interest income / interest spread				$	102,792		4.40	%				$	97,191		5.15	%
Net interest rate margin							5.62	%							6.41	%
Net interest earning assets	$	513,926							$	530,525
Average interest-earning assets to interest-bearing liabilities		139.08	%							153.79	%

The MIL Network –

January 30, 2025

MIL-OSI: Nokia Corporation: Repurchase of own shares on 29.01.2025
Source: GlobeNewswire (MIL-OSI)

Nokia Corporation
Stock Exchange Release
29 January 2025 at 22:30 EET

Nokia Corporation: Repurchase of own shares on 29.01.2025

Espoo, Finland – On 29 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*

XHEL 872,093 4.33

CEUX – –

BATE – –

AQEU – –

TQEX – –

Total 872,093 4.33

* Rounded to two decimals

On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

Total cost of transactions executed on 29 January 2025 was EUR 3,777,558. After the disclosed transactions, Nokia Corporation holds 234,286,805 treasury shares.

Details of transactions are included as an appendix to this announcement.

On behalf of Nokia Corporation

BofA Securities Europe SA

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment
- Daily Report 2025-01-29
The MIL Network –
January 30, 2025
MIL-OSI USA: Senator Hassan Raises Alarm About President Trump’s Federal Funding Freeze & Severe Impact on NH Services

US Senate News:

Source: United States Senator for New Hampshire Maggie Hassan

WASHINGTON – Less than 24 hours after President Trump announced a wide-reaching federal funding freeze, halting nearly all federal grants and loans to support New Hampshire communities, U.S. Senator Maggie Hassan today detailed how the President’s illegal and unconstitutional action is already harming Granite Staters during a press conference in the U.S. Capitol.

Click here to see Senator Hassan’s full remarks on President Trump’s dangerous, illegal funding freeze and see an excerpt below:

“This action will hurt people all across the country. President Trump’s order defunds police departments, even as law enforcement officers are trying to keep us safe. It imperils disaster relief as fires rage. It halts cancer research as we strive for cures, and it shuts down shelters for homeless veterans in the cold of winter.

“New Hampshire law enforcement agencies have told my office that the freeze of federal funding may force them to rescind job offers, meaning fewer cops on the streets. A New Hampshire organization that helps domestic violence survivors also told my office that it is now locked out of federal funding systems, which will significantly impact the crisis centers it runs for women.

“Let’s be clear: this money is not the President’s to freeze or take away. It was appropriated by Congress, and it belongs to the American people. To my Republican colleagues, I suggest that you have to decide what bridge it is, is too far… We cannot let America become a place where our leaders hold back the people’s funds by day and purge the people’s watchdogs by night.”

Moments ago, a federal judge temporarily blocked the freeze from proceeding until Monday, though the Trump Administration continues to pursue it. This illegal funding freeze has severe and broad-reaching impacts for services across New Hampshire. Programs impacted by this funding freeze include those that help hire police officers, support veterans, operate domestic violence shelters, provide access to health care, and nearly every federal program. Approximately 30% of New Hampshire’s state budget comes from federal funding.

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Cassidy, Scott Lead Colleagues in Reintroducing Bill to Expand School Choice, Educational Opportunity

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA) and Tim Scott (R-SC) led 24 Republican colleagues in introducing the Educational Choice for Children Act (ECCA), bicameral legislation to expand education freedom and opportunity for students. Specifically, it provides a charitable donation incentive for individuals and businesses to fund scholarship awards for students to cover expenses related to K-12 public and private education. U.S. Representative Adrian Smith (R-NE-03) introduced the companion legislation in the U.S House of Representatives.
“Parents want to see their child succeed. Giving them the ability to make decisions over their child’s education puts that child’s needs first,” said Dr. Cassidy. “More freedom empowers parents and allows American children to thrive in school.”
“When you give parents a choice, you give kids a better chance at achieving their dreams,” said Senator Scott. “By empowering families with more education resources and freedom, this bill will unlock opportunities that have been out of reach for students across America who deserve every chance to succeed and a schooling system that fosters their potential.”
“Giving students a brighter future, no matter their background or address, is critical to move American K-12 education forward,” said Representative Smith. “We must empower parents with more options, acknowledging they have the final say in what educational setting is best for their children. ECCA will benefit public, private, and homeschool students and increase the quality of education in our country. I thank Rep. Owens and Sen. Cassidy for championing this legislation alongside me.”
The Educational Choice for Children Act:

Provides $10 billion in annual tax credits to be made available to taxpayers. Allotment of these credits to individuals would be administered by the Treasury Department.
Sets a base amount for each state and then distributes the credits on a first-come, first-serve basis.
Uses a limited government approach with respect to federalism, thus avoiding mandates on states, localities, and school districts.
Includes provisions that govern Scholarship Granting Organizations (SGOs), as SGOs are given the ability to determine the individual amount of scholarship awards.

An estimated two million students in any elementary or secondary education setting, including homeschool, are eligible to receive a scholarship. Eligible use of scholarships awards includes tuition, fees, book supplies, and equipment for the enrollment or attendance at an elementary or secondary school.
Cassidy and Scott was joined by U.S. Senators Cynthia Lummis (R-WY), Steve Daines (R-MT), John Cornyn (R-TX), John Thune (R-SD), Cindy Hyde-Smith (R-MS), Eric Schmitt (R-MO), Tim Sheehy (R-MT), Ted Budd (R-NC), Tom Cotton (R-AR), John Kennedy (R-LA), Tommy Tuberville (R-AL), Jim Justice (R-WV), Jim Risch (R-ID), John Barrasso (R-WY), Thom Tillis (R-NC), Roger Marshall (R-KS), Todd Young (R-IN), Josh Hawley (R-MO), Katie Britt (R-AL), Pete Ricketts (R-NE), Marsha Blackburn (R-TN), Dave McCormick (R-PA), Kevin Cramer (R-ND), and Roger Wicker (R-MS) in introducing the bill.
The Educational Choice for Children Act has received the endorsement from former U.S. Secretary of Education Betsy DeVos; former U.S. Deputy Secretary of Education Dr. Mick Zais; former U.S. Attorney General Bill Barr; Louisiana State Superintendent of Education Dr. Cade Brumley; LA Kids Matter; Louisiana Family Forum; Louisiana State University Board of Supervisors; ACE Scholarships Louisiana Founder Eddie Rispone; ACE Scholarships; Invest in Education Coalition; ACSI Children’s Education Fund; America First Policy Institute; American Association of Christian Schools; American Federation for Children (AFC); American Principles Project; Americans for Tax Reform; Association of Christian Schools International (ACSI); Black Mothers Forum; U.S. Conference of Catholic Bishops (USCCB); Catholic Education Partners; CatholicVote; Center for Education Reform; Children’s Scholarship Fund; Club for Growth; Coalition for Jewish Values; Agudath Israel of America; Orthodox Union Advocacy; Republican Jewish Coalition; Concerned Women for America; Council for American Private Education (CAPE); Defense of Freedom Institute (DFI); Family Policy Alliance; Foundation for Excellence in Education (ExcelinEd); Freedom Foundation; Heartland Institute; Heritage Action for America; Home School Legal Defense Association (HSLDA); Independent Women’s Forum; Mountain States Policy Center; Parental Rights Foundation; Parents Defending Education Action; Partners in Mission; Project 21; Protect the First; 60Plus Association; Former Virginia & Florida Secretary of Education Gerard Robinson; several other conservative leaders; and more than 150 national and state groups.
“School choice empowers parents, regardless of their zip code, to choose the education that best fits their child’s need,” said Anthony de Nicola, Chairman of Invest in Education Coalition. “I applaud Senator Cassidy for reintroducing the Educational Choice for Children Act in the Senate. Now is our time to pass this critical legislation that would help millions of students access an education of their choosing so they can achieve their God-given potential.”

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Cassidy Questions HHS Secretary Nominee During Finance Committee Hearing

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA) questioned Robert F. Kennedy Jr., nominee for Secretary of the U.S. Department of Health and Human Services (HHS), at his confirmation hearing before the Senate Finance Committee.
Senator Cassidy: Mr. Kennedy, President Trump has sworn to protect Medicare. Republicans are exploring reforms to Medicaid that could help pay for Trump administration priorities. With this context, what will you do about dual eligibles?
Mr. Kennedy: About—
Senator Cassidy: Dual-eligibles.
Mr. Kennedy: Well, dual-eligibles are not right now served very well under the system. Those are people who are eligible for both Medicaid and Medicare. And I, you know, I suppose my answer to that is to make sure that the programs are consolidated, that they are integrated, and that care is integrated. I look forward to working with you, Dr. Cassidy, on making sure that we take good care of people who are dual-eligible.
Senator Cassidy: How would we—how do you propose that we integrate those programs? Does Medicare pay more, Medicare pay less, Medicaid pay more, Medicaid pay less? How do we do that?
Mr. Kennedy: I’m not exactly sure because I’m not in there. I mean, it is difficult to integrate them because Medicaid—Medicare is under fee for service, paid for by employer taxes. Medicaid is fully paid for federal government and it’s not fee for service. So, it’s—I do not know the answer to that. I look forward to exploring options with you.
Senator Cassidy: Republicans again are looking at ways to potentially reform Medicaid to help, you know, pay for President Trump’s priorities, but to improve outcomes. What thoughts do you have regarding Medicaid reform?
Mr. Kennedy: Well, Medicaid is not working for Americans, and it’s specifically not working for the target population. Most Americans like myself, I’m on Medicare Advantage, and I’m very happy with it. Most people who are on Medicaid are not happy. The premiums are too high, the deductibles are too high. The networks are narrow. The best doctors will not accept it at the best hospitals. And particularly, Medicaid was originally designed for a target population, the poorest Americans. It’s now been dramatically expanded. And the irony of the expansion is that the poorest Americans are now being robbed. Their services have dramatically decreased even though we’ve increased the price of Medicare by 60 percent over the last 4 years. The target population is being robbed. We need to figure out other options.
Senator Cassidy: With that said, obviously you’ve thought about that and I appreciate that. What reforms do you recommend, again, that would improve services I suppose, but also make it more cost efficient?
Mr. Kennedy: Well, President Trump has given me the charge of improving quality of care and lowering the price of care for all Americans. There are many things that we can do, I mean, what we want to, the ultimate outcome, I think, is to increase transparency, increase accountability, and to transition to a value-based system rather than a fee-based system—service-based system.
Senator Cassidy. On Medicaid in particular, can you just kind of take those kind of general principles and apply it to the Medicaid program?
Mr. Kennedy: You know I, listen, I think that there are many, many options with telemedicine, with AI right now. And, you know there’s a—including direct primary care systems, we are seeing that movement grow across the country. There’s a—one of the largest providers—
Senator Cassidy: So, so knowing, going back to Medicaid, though. And speaking of these specific advances, how would you, what reforms are you proposing, with these ideas vis a vis Medicaid?
Mr. Kennedy: Well, I don’t have a broad proposal for dismantling the program—
Senator Cassidy: I’m not saying—of course not saying that.
Mr. Kennedy: I think what we need to do is we need to experiment with pilot programs in each state. We need to keep our eye on the ultimate goal, which is value-based care, which is transparency, accountability, access.
Senator Cassidy: And one more thing, going back to Medicare, you mentioned you’re an MA. You mentioned earlier the Medicare fee for service. Do you have any kind of thoughts as to, whether or not patients on fee for service should move into MA or how should we handle that?
Mr. Kennedy: Whether patients—
Senator Cassidy: Who are on Medicare fee for service.
Mr. Kennedy: For traditional Medicare?
Senator Cassidy: Yes.
Mr. Kennedy: That’s their choice right now. I mean, we have I think 32 million Americans, or 30 million Americans on Medicare—on traditional Medicare, and then another 34, or thirty—34 on Medicare Advantage, roughly half and half. And I think more people would rather be on Medicare Advantage because it offers very good services, but people can’t afford it. It’s much more expensive. Oh, and answer to your first question, there, you know, are all kinds of exciting things that we can be doing, including cooperatives, which President Trump has supported, including health savings accounts, which President Trump has supported. All of these things to make people more accountable for their own health.
Senator Cassidy: And so we bring the cooperatives and the health savings accounts into Medicare and Medicaid?
Mr. Kennedy: Exactly. We try to—try to increase those, the use of those and to direct primary care to continue to transition into a value-based program that is private. Americans don’t, by and large, do not like the Affordable Care Act. People are on it. They don’t like Medicaid. They like Medicare. And they like private insurance. We need to listen to what people, they would prefer to be on private insurance. Most Americans, if they can afford to be, will be on private insurance. We need to figure out ways to improve care, particularly for elderly, for veterans, for the poor in this country, and Medicaid, the current model is not doing that. I would ask, you know, any of the Democrats who are chuckling just now. Do you think all that money, the $900 billion that we’re sending to Medicaid every year has made Americans healthy? Do we think it’s working for anybody? Are the premiums low enough?

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: In Bicameral Letter, Durbin, Raskin, Padilla, Jayapal Call On Secretary Rubio To Immediately Restore Refugee Resettlement Services

US Senate News:

Source: United States Senator for Illinois Dick Durbin

January 29, 2025

Letter calls on State Department to swiftly restart program providing basic services to refugees, including Afghan allies who supported U.S. troops

WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), Ranking Member of the Senate Judiciary Committee; along with U.S. Representative Jamie Raskin (D-MD-08), Ranking Member of the House Judiciary Committee; Senator Alex Padilla (D-CA), Ranking Member of the Senate Judiciary Subcommittee on Immigration, Citizenship, and Border Safety; and U.S. Representative Pramila Jayapal (D-WA-07), Ranking Member of the House Judiciary Subcommittee on Immigration Integrity, Security, and Enforcement, today urged U.S. Secretary of State Marco Rubio to immediately restore vital services for refugees already in the United States. The letter comes after the State Department abruptly halted services for refugees last week.

“This unprecedented order threatens to deprive refugees already in the United States of the vital assistance known as Reception and Placement (R&P) services, which help them during their first three months in the United States as they rebuild their lives here,” wrote the lawmakers.

Since the start of Fiscal Year 2025, more than 32,000 refugees have arrived through the U.S. Refugee Admissions Program (USRAP), thousands of whom remain eligible for R&P services. These refugees were forced to flee their home countries in order to escape war or persecution and were deemed eligible to resettle in the United States after undergoing thorough vetting. This is on top of the approximately 10,000 Afghan nationals who are in the U.S. on Special Immigrant Visas (SIV), which they received after risking their lives to assist U.S. troops and U.S. government efforts in Afghanistan; these SIVs also remain eligible for such benefits.

The stop work orders undermine legal obligations that the Department has entered into through its contracts with U.S.-based and intergovernmental organizations, increasing newly-arrived refugees’ vulnerability to homelessness and food insecurity at a time when they still have no lifeline for support. The R&P program covers basic needs like rent, food, and clothes in the first few months after arrival, providing core services for refugees who often resettle with nothing more than the clothes on their backs. Barring R&P services, cause undue and unnecessary suffering and hardship, breaking a promise we made to refugees and Afghan allies when we approved them for resettlement in America.

“We also call on you to do everything in your power to swiftly resume refugee processing and admissions—and restore this life-saving humanitarian program that advances U.S. security, foreign policy work, and diplomatic interests,” the lawmakers concluded.

Full text of today’s letter is available here.

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MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Durbin: If Your Goal Is To Make America Great Again, Why Would You Start By Cutting Basic Services For Families?

US Senate News:

Source: United States Senator for Illinois Dick Durbin

January 29, 2025

In a speech on the Senate floor, Durbin listed the critical programs—VAWA funding, veterans’ support, early education programs—that were thrown into chaos by the OMB memo that put ahold on federal funding

WASHINGTON – In a speech on the Senate floor last night, U.S. Senate Democratic Whip Dick Durbin (D-IL) denounced the Trump Administration’s decision to issue an Office of Management and Budget (OMB) memo to “temporarily pause all activities related to obligation or disbursement of trillions of dollars of Federal financial assistance,” which caused mass confusion about the funding and operations of hundreds of government-funded programs ranging from Medicaid, to Head Start, to Violence Against Women Act grants. Shortly before the federal funding freeze began, U.S. District Court Judge Loren L. Alikhan, who was confirmed under Durbin’s tenure as Chair of the Senate Judiciary Committee, temporarily blocked the move by the Trump Administration.

In his remarks, Durbin emphasized that the Trump Administration does not have the authority to institute a federal funding freeze as Congress holds the constitutional power of the purse.

“He [Acting OMB Director Matthew Vaeth] sent out a letter, or memo, that basically called for a temporary pause in government spending. By what authority did he do that? I don’t know. I’ve been in Congress for a few years. I’ve never quite seen anyone with an ‘Acting’ before their name have this much authority and power, but he had a lot. He has taken to himself the decision-making that affects families all over the United States, including in my State of Illinois,” Durbin said.

“But he [Vaeth] basically paused federal spending… so that these recipients could answer the basic questions as to whether they’re loyal to his point of view. He referred to those who didn’t agree with him as Marxists, as in Karl Marx… Who is this guy? How does he have this much authority? How is he able to say things like that that are so blatantly political?” Durbin said.

The memo caused immediate panic across the country as states’ Medicaid portals shut down and Head Start programs worried that they would not be open the following day to provide critical child care. The Trump Administration failed, when asked repeatedly, to provide clear guidance about what programs would be safe from being defunded.

“This poorly conceptualized, poorly communicated policy has created mass confusion in my state and across the nation. Worst yet, it has endangered [the] health, safety, [and] welfare of Americans across the country. The proposed freeze mandates that the government ‘temporarily pause’ the disbursement of key funds… We’re going to temporarily pause reimbursement to local units of government and charities, for example, while we decide whether they’re living up to the standards of Donald Trump in terms of his political values,” Durbin continued.

Durbin read out some of the programs that were thrown into chaos by the OMB memo, beginning with Head Start and domestic violence survivor programs.

“For many families, Head Start is day care. Head Start is Pre-K. Head Start is a chance for kids in tough family circumstances to have a fighting chance. Of course, the Head Start agencies need to get their federal funds to keep the lights on, to feed the kids, to make sure they can heat the buildings in the winter,” Durbin said.

“The other one is violence against women. The groups are calling us in Illinois. They call me because the Senate Judiciary Committee, which I serve on, authored this bill years ago. A Senator from Delaware at the time, Joe Biden, introduced this legislation. What it boils down to, is if you’re a victim of domestic violence, there are grants available to provide safe and secure places for you to stay, rather than [keeping you] in these horrible, violent situations at home. What are we going to do with Mr. Vaeth’s idea to put this on temporary pause?” Durbin said.

Durbin continued providing examples of threatened federal funding, including natural disaster relief, veterans benefits, and small business loans. Durbin pointed to the double standard of pausing federal aid to small businesses when major corporations, including Elon Musk’s company, Tesla, has received support from the federal government to stave off bankruptcy.

“Natural disaster relief speaks for itself. You think of the poor folks in California trying to recover from their wildfires. Think of the flooding, hurricanes, all the other events that take place. There are people who need a helping hand,” Durbin said.

“So many aspects of business rely on just a helping hand to get started. If you think loans to businesses are for little businesses, keep in mind that in 2009, Elon Musk came to the Obama Administration and asked for a loan so that his Tesla car company wouldn’t go into bankruptcy. There are a lot of smaller businesses just as desperate to get a helping hand,” Durbin said.

Durbin concluded his remarks by criticizing the Trump Administration for claiming to support American families while attempting to tear away the basic services and programming that Americans rely on. Durbin underscored that President Trump’s own team could not answer basic questions about the policy he attempted to institute.

“If your goal is to ‘Make America Great Again,’ why start by cutting these basic services for families and deserving people across this country?” Durbin said. “We’re better than that. I’m proud of a nation that cares for people that need a helping hand. I’m not ashamed to say that.”

“Even the President’s own Press Secretary a few minutes ago was unable to even answer the questions about what was going on with this OMB Director. You know why? Because this move is nothing more than a power grab designed to target the most vulnerable and disguise it as a way ‘to analyze government spending,’” Durbin said. “The President is blatantly violating the law by holding up these vital funds across America.”

“This measure [temporary pause by the federal judge] is only delaying chaos and uncertainty if it’s President Trump’s determined effort to make sure that this happens. We will not stand idly by while the President plays fast and loose with our nation’s laws and the American peoples’ lives and livelihoods. We can have fiscal responsibility, we could have a budget we’re proud of, but this action taken by a fellow last night, somewhere in the bowels of a building here in Washington, is hurting people all across America. You can’t help American families be great if you don’t give them a fighting chance,” Durbin concluded.

Video of Durbin’s remarks on the Senate floor is available here.

Audio of Durbin’s remarks on the Senate floor is available here.

Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

-30-

MIL OSI USA News –

January 30, 2025
MIL-OSI Canada: Prime Minister Justin Trudeau speaks with premiers on the Canada–U.S. relationship

Source: Government of Canada – Prime Minister

Today, Prime Minister Justin Trudeau and the Minister of Finance and Intergovernmental Affairs, Dominic LeBlanc, met virtually with Canada’s premiers to discuss the Canada-U.S. relationship. As a follow-up to last week’s call, the Prime Minister reiterated the importance of lifting barriers to trade between provinces and territories and looked forward to the outcomes of the urgent meeting of the Committee on Internal Trade in Toronto, Ontario, this Friday. The Prime Minister and the premiers offered updates on the implementation of Canada’s border plan and complementary provincial and territorial actions.

The Prime Minister and the premiers discussed the ongoing threat of U.S. tariffs against Canadian goods, which will make life less affordable for Canadians and Americans alike and weaken economic growth in both countries. Defending our valued trade relationship remains the objective of all First Ministers.

The Prime Minister and the premiers voiced their commitment to a strong response if tariffs are imposed. They discussed options for federal, provincial, and territorial governments to mitigate the impacts on Canadian workers, families, and businesses.

The leaders agreed to continue their outreach to American officials at the federal, state, and local levels to raise awareness of the mutually beneficial partnership between Canada and the United States. In particular, First Ministers noted that bilateral trade in energy and critical minerals is hardwired into the Canadian and U.S. economies, and that Canada is the most reliable source of the critical minerals that support the U.S. defence and technology sectors. They also underscored the importance of the energy sector to our bilateral relationship, noting the collaborative efforts of governments and industry in supporting both Canadian and U.S. interests and bolstering the security posture of both countries.

The Prime Minister and the premiers recommitted to continue working together to stand up for Canadian consumers, jobs, and businesses. First Ministers agreed to reconvene next week, or earlier if required, to discuss next steps in Canada’s engagement with the U.S.

Associated Links

MIL OSI Canada News –

January 30, 2025
MIL-OSI Australia: Seven arrested after car stolen

Source: South Australia Police

Seven youths have been arrested after a car was stolen from Port Augusta this morning.

Just after 2am this morning (30 January), Port Augusta police were called to Caroona Road after reports a house had been broken into and a silver Toyota Kluger 4WD had been stolen.

Just after 2.50am police observed the car travelling south on Augusta Highway where road spikes were used to stop the car in Port Wakefield.

Police Dog Edge assisted patrols to locate the driver and passengers.

The driver, a 16-year-old boy from Port Augusta West was arrested and expected to be charged with aggravated serious criminal trespass, theft and numerous traffic offences.

The six passengers, a 13-year-old boy from Port Augusta West, a 14-year-old boy from Port Augusta, two 15-year-old boys from Port Augusta West and two 16-year-old boys from Port Augusta West were arrested and expected to be charged with aggravated serious criminal trespass and other offences.

It is expected that the 7 youths will be refused bail and will attend the Port Pirie Youth Magistrates Court at a later stage today.

Police ask anyone who may have witnessed any suspicious behaviour in Port Augusta or have any information that may assist is asked to call Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au – you can remain anonymous.

MIL OSI News –

January 30, 2025
MIL-OSI New Zealand: Release: Govt soft on prosecuting migrant exploitation

Source: New Zealand Labour Party

The National Government’s big talk on combatting the exploitation of migrant workers has been exposed as a sham today.

“Hardly a week goes by without shocking new cases of migrant workers being exploited by unscrupulous employers. It beggars belief the Government only prosecuted four cases in the courts over one year,” Labour immigration spokesperson Phil Twyford said.

MPs were told in select committee today that there were 3,925 reports of exploitation called in by the public, and 812 investigations – however only four prosecutions.

“It is simply not good enough that all these reports and investigations resulted in only four prosecutions. The Government should be throwing the book at employers who are treating vulnerable migrant workers shamefully and putting New Zealand’s international reputation at risk,” Phil Twyford said.

“The public is tired of seeing cases of migrant workers arriving in New Zealand to find the job they were promised doesn’t exist, or cases of under-payment of wages, sub-standard accommodation, and other scams.

“Erica Stanford talked a big game on migrant worker exploitation while in Opposition. Since becoming Minister she has cut by half the amount of time an exploited migrant worker can get a temporary visa to allow them to find another job, get justice at the employment tribunal or get another visa.

“Now it turns out the compliance response to dodgy employers ripping off migrant workers is on a go-slow as well. It’s time Erica Stanford followed the advice in her own press releases and cracked down on the exploitation of migrant workers,” Phil Twyford said.

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MIL OSI New Zealand News –

January 30, 2025
MIL-OSI USA: Making Higher Education More Affordable
Source: US State of New York

Governor Kathy Hochul today unveiled her plan to offer free community college tuition for adult learners ages 25 to 55 in New York State. The Governor highlighted her proposal at Onondaga Community College to showcase the region’s readiness for Micron to support New York State as a global hub for Semiconductor manufacturing and R&D. The plan, part of Governor Hochul’s 2025 State of the State, furthers her commitment to creating more workforce development opportunities to ensure every New Yorker has the opportunity to pursue a degree or credential for jobs in high-demand fields.

“When my dad got a college education, our whole family got a shot at a better life – and I want New Yorkers to have that opportunity,” Governor Hochul said. “Under my plan, every New Yorker will have the chance to pursue a free associate degree at SUNY and CUNY community colleges to help fill the in-demand jobs of tomorrow.”

New York State Opportunity Promise

Governor Hochul is steadfast in her commitment to making higher education more affordable and building the workforce that New York needs. The FY 2025 Enacted Budget included an historic expansion of the Tuition Assistance Program to help more New Yorkers cover the cost of college. Additionally, the Governor has continued to expand workforce development, apprenticeship, and microcredential programs to prepare New Yorkers for in-demand jobs. The Governor’s free community college proposal, NYS Opportunity Promise, is the next level of this commitment by making an associate degree more affordable and obtainable.

Across New York State, there are more than four million working-age adults who do not have a college degree or credential. The Governor’s proposal would cover tuition, fees, and books at any SUNY or CUNY community college for these adult learners who have never earned a degree and are pursuing an associate degree in a high demand field, including nursing, teaching, technology, and engineering.

SUNY Chancellor John B. King Jr. said, “SUNY’s community colleges are incredible engines of upward mobility, and Governor Hochul’s Free Community College plan will literally change the lives of New Yorkers seeking a degree in a high-demand field. SUNY campuses like Onondaga Community College are leading the way in meeting the needs of our adult learners and regional employers.”

New York as a National Workforce Hub

Upstate New York has been designated as a National Workforce Hub to dramatically expand domestic memory chip manufacturing in the United States. Federal and state incentives played a key role in securing Micron’s $100 billion investment in the White Pine Industrial Park in the town of Clay in Onondaga County – one of the largest economic development projects in U.S. history.

In total, the project is expected to create nearly 50,000 jobs statewide, including an average of 5,600 construction jobs per year paying federal prevailing wage. When complete, the complex will include the nation’s largest clean room space at approximately 2.4 million square feet, grow domestic semiconductor manufacturing, and enhance our national security by expanding the United States’ chipmaking capacity.

Additionally, Governor Hochul announced earlier this month that GlobalFoundries, a semiconductor manufacturer in Saratoga County, will invest $575 million to build a new center for advanced packaging and testing, along with $186 million for research and development at its Malta facility over the next decade.

State University of New York Chancellor John B. King Jr. joined as Onondaga Community College President Warren Hilton updated the Governor on the campus’s readiness to expand enrollment in academic programs tied to in-demand jobs. Included in the tour was the construction site for the $15 million, 5,000 square-foot Micron Simulation Lab at the campus, which is critical to help train students. The clean room is expected to be fully operational during the summer of 2026.

Under my plan, every New Yorker will have the chance to pursue a free associate degree at SUNY and CUNY community colleges to help fill the in-demand jobs of tomorrow.”

Governor Kathy Hochul

Empire State Development President, CEO and Commissioner Hope Knight said, “No one is doing more to prepare New York State for the future than Governor Hochul, and Onondaga Community College is a key partner in that effort. Innovative, cutting-edge industries are growing in New York State because our dynamic workforce is being well-equipped with the skills needed to succeed in the good-paying jobs we are helping to create. Governor Hochul’s proposal to provide free community college tuition to students pursuing high-demand occupations in strategic industries will help to further promote sustainable economic opportunity for all.”

New York State Department of Labor Commissioner Roberta Reardon said, “A knowledgeable workforce is essential to securing a strong future for New York State and offering no-cost higher education will open doors to in-demand careers. I thank Governor Hochul for prioritizing workforce development initiatives that are transforming the lives of New York families.”

Onondaga Community College President Hilton said, “During the last five years, our faculty has worked tirelessly to create academic programs aimed at educating and preparing students for valuable and rewarding careers in industries where workers are needed most. Our staff has done an outstanding job supporting those students during their time on campus. We are grateful to all Central New York employers who see the value in our students, the education they receive here, and their willingness to give them the opportunity to be successful in the workforce.”
Since Micron announced it was building the largest semiconductor facility in Clay, NY, Onondaga Community College has seen significant changes in enrollment in workforce development programs leading to direct jobs in the industry, as well as programs preparing New Yorkers for indirect job opportunities, including:
- Electromechanical Technology, up 168 percent
- Architectural Design, up 114 percent
- Construction Management, up 96 percent
- Fire Protection Technology, up 58 percent
- Supply Chain Management, up 57 percent
- Surgical Technology, up 26 percent
- Paramedic, up 21 percent
- Cybersecurity, up 17 percent
- Mechanical Technology, up 13 percent
- Physical Therapist Assistant, up 6 percent
- Computer Science, up 4 percent
Onondaga Community College has many paths to electromechanical technology, which includes 112 students this year. Several students have already been offered jobs after graduation. Sixteen are expected to graduate this May with an associate degree, while 30 students are on track to complete the one-year credential program, which typically leads to an associate degree. The campus also has more than 300 students taking related courses in Onondaga County high schools.
MIL OSI USA News –
January 30, 2025
MIL-OSI USA: Shooting Incidents With Injury Declined 28 Percent in 2024
Source: US State of New York

Governor Kathy Hochul today announced that gun violence in communities participating in the state’s Gun Involved Violence Elimination (GIVE) initiative declined to its lowest level on record last year. New York State began tracking this data in communities outside of New York City in 2006. Shooting incidents with injury declined 28 percent in 2024 compared to 2023, and the number of individuals injured declined 25 percent, with 238 fewer people harmed by gunfire. The Governor’s Fiscal Year 26 Executive Budget includes $370 million to continue the state’s multifaceted approach to reducing shootings and saving lives. That funding supports local and state law enforcement initiatives, youth employment programs, and nonprofit organizations that serve and support individuals and families and strengthen communities.

“New Yorkers are safer today than they were yesterday – and that’s because of the tireless efforts of our communities, law enforcement, and partners,” Governor Hochul said. “Gun violence has dropped by 28 percent, meaning 238 fewer people wounded by gunfire in our neighborhoods. But we’re not stopping here. My administration is doubling down on its commitment to reducing violence, supporting our youth, and strengthening our communities – ensuring that all New Yorkers can live in safety and peace.”

The 28 percent decline reflects 588 shooting incidents with injury reported last year by the 28 police departments participating in GIVE compared to 817 in 2023, and the number of shooting victims decreased by 25 percent (725 v. 963). When the state first began tracking this data in 2006, 17 police departments received funding to reduce shootings and violent crime: Those agencies reported 896 shooting incidents with injury and 1,007 individuals who sustained gunshot wounds. GIVE jurisdictions account for roughly 90 percent of violent crimes involving firearms and 85 percent of violent crime reported outside New York City.

The following police departments reported particularly significant declines in shooting incidents with injury in 2024 compared to 2023: Niagara, 52 percent; Rochester, 34 percent; Syracuse, 30 percent; and Yonkers, 47 percent. Shooting incidents with injury, shooting victims and shooting homicide data for each of the 28 GIVE agencies are available on the State Division of Criminal Justice Services (DCJS) website. In addition to the collective decrease in gun violence in GIVE communities, the New York City Police Department reported a seven percent (903 v. 974) decrease in shooting incidents in 2024 compared to 2023.

DCJS Commissioner Rossana Rosado said, “Our partnerships with local law enforcement agencies and community-based organizations through the GIVE initiative, SNUG street outreach program, Project RISE and our Crime Analysis Centers are helping to make a real difference in people’s lives and increasing safety in our communities. We applaud Governor Hochul’s leadership on public safety and her unprecedented support of these critical programs.”

Preliminary index crime reported by police agencies outside of New York City showed an eight percent decrease from January through September 2024 vs. 2023, the most current data available. There are seven index crime categories that are used to gauge overall crime trends: four violent (murder, rape, robbery, aggravated assault) and three property (burglary, larceny, motor vehicle theft). Data reported by the NYPD show a three percent reduction in crime in the five boroughs.

The $370 million investment to reduce and prevent gun violence and strengthen communities disproportionately impacted by crime includes, but is not limited to, the following programs and initiatives administered by DCJS:
- $50 million through the Law Enforcement Technology grant program, which provides funding so police departments and sheriffs’ offices can purchase new equipment and technology to modernize their operations and more effectively solve and prevent crime.
- $36 million for GIVE, which funds the 28 police departments and district attorneys’ offices, probation departments, and sheriffs’ offices in 21 counties outside of New York City.
- $21 million for the SNUG Street Outreach Program, which operates in 14 communities across the state: Albany, the Bronx, Buffalo, Hempstead, Mount Vernon, Newburgh, Niagara Falls, Poughkeepsie, Rochester, Syracuse, Troy, Utica, Wyandanch, and Yonkers. The program uses a public health approach to address gun violence by identifying the source, interrupting transmission, and treating individuals, families and communities affected by the violence.
- $18 million in continued support for the state’s unique, nationally recognized Crime Analysis Center Network, and $13 million in new funding to establish the New York State Crime Analysis and Joint Special Operations Command Headquarters, a strategic information, technical assistance and training hub for 11 Centers in the state’s network, and enhance existing partnerships and expand information sharing with the New York State Intelligence Center operated by the State Police, the locally run Nassau County Lead Development Center, and the State’s Joint Security Operations Center, which focuses on protecting the State from cyber threats.
- $20 million for Project RISE (Restore, Invest, Sustain, Empower) in 10 communities to support mentoring, mental health services, restorative practices, trust building, employment and education support and youth development activities, among other programs and services that address trauma resulting from long-term exposure to violence, build resilience and strengthen youth, families and neighborhoods.
The New York State Police, the State Department of Corrections and Community Supervision, the State Office of Temporary and Disability Assistance, and the state Office of Victim Services also will receive funding through that $370 million allocation.

That funding does not include other public safety initiatives outlined in the FY26 Executive Budget Briefing Book, including $35 million for the next round of the Securing Communities Against Hate Crimes grants to increase safety and security of organizations at risk of hate crimes or attacks because of their ideology, beliefs, or mission; or investments that expand support for victims and survivors of crime, including doubling funding for rape crisis centers to $12.8 million.

MIL OSI USA News –
January 30, 2025
MIL-OSI Security: U.S. Attorney Charges Española Man with Multiple Felony Counts Related to Domestic Assault

Source: Office of United States Attorneys

ALBUQUERQUE – An Española man has been charged with multiple felony counts of domestic assault, including strangulation and causing serious bodily injury.

According to court records, Isiah James Gutierrez-Arquero, 29, an enrolled member of the Santa Clara Pueblo, is accused of three counts of assaulting Jane Doe on September 21, 2023. Specifically, Gutierrez-Arquero is charged with assault resulting in serious bodily injury, assault resulting in substantial bodily injury to a dating partner and assaulting a dating partner by strangulation.

Gutierrez-Arquero will remain in custody pending trial, which has not been scheduled. If convicted, Gutierrez-Arquero faces up to 10 years in prison.

U.S. Attorney Alexander M.M. Uballez made the announcement today.

The Bureau of Indian Affairs investigated this case. Assistant U.S. Attorney Zachary Jones is prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

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MIL Security OSI –

January 30, 2025
MIL-OSI Security: Youngsville Man Sentenced for Possession of Materials Involving Sexual Exploitation of Minors

Source: Office of United States Attorneys

NEW ORLEANS, LA – U.S. Attorney Duane A. Evans announced that COY DAVID MILLER (“MILLER”), age 49, of Youngsville, LA, was sentenced on January 15, 2025, for Possession of Materials Involving the Sexual Exploitation of Minors, in violation of Title 18, United States Code, Sections 2252(a)(4)(B) and (b)(2).

According to court documents, on October 17, 2023, MILLER was searched by U.S. Customs and Border Protection and special agents with the U.S. Department of Homeland Security, Homeland Security Investigations, at the Louis Armstrong International Airport upon his return from Cancun, Mexico. Federal agents found MILLER in possession of images and videos of pre-pubescent child pornography.

Senior United States District Judge Ivan L.R. Lemelle sentenced MILLER to 46 months imprisonment, 10 years of supervised released, a $10,000 fine and registration as a sex offender.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by United States Attorney’s Offices and the Criminal Division’s Child Exploitation and Obscenity Section (CEOS), Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

The U.S. Attorney’s Office would also like to acknowledge the assistance of the U.S. Department of Homeland Security, Homeland Security Investigations, and the U.S. Customs and Border Protection. The prosecution of this case is being handled by Assistant U.S. Attorney Brian M. Klebba, Chief of the Financial Crimes Unit.

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Two More Defendants Sentenced to Prison for Roles in Puerto Rico-to- Western Pennsylvania Cocaine Trafficking Operation

Source: Office of United States Attorneys

PITTSBURGH, Pa. – A resident of New Castle, Pennsylvania, and a resident of Florida, Puerto Rico, were sentenced in federal court for their convictions of conspiracy to distribute and possess with intent to distribute cocaine and related charges, Acting United States Attorney Troy Rivetti announced today. The defendants were among 17 individuals from Lawrence County, Pennsylvania; Puerto Rico; and Youngstown, Ohio, indicted in March 2024 for violating federal narcotics, firearms, and racketeering laws by conspiring to distribute cocaine throughout Western Pennsylvania and Youngstown (read the Indictment news release here).

Senior United States District Judge Arthur J. Schwab imposed the sentences on Jean Sanchez Tulla, 38, of Puerto Rico, and Glenn Samuels, 33, of New Castle, sentencing Tulla to nine years of imprisonment, to be followed by five years of supervised release, for conspiring to distribute and possess with intent to distribute 500 grams or more of cocaine and interstate travel or transmission in aid of racketeering, and Samuels to 37 months of prison, to be followed by four years of supervised release, for conspiracy to distribute and possess with intent to distribute a quantity of cocaine.

According to information presented to the Court, Tulla was a leading member of the organized drug trafficking group that shipped kilogram quantities of cocaine from Puerto Rico, often mailing drug parcels through the U.S. Postal Service to co-conspirators responsible for selling the cocaine in Western Pennsylvania; Youngstown, Ohio; and elsewhere. Specifically, Tulla was responsible for possessing with intent to distribute and distributing between five and 15 kilograms of cocaine on behalf of and during the course of the conspiracy. He also traveled from Puerto Rico to Pennsylvania—including at least 15 trips to Pittsburgh from 2023 to 2024—and elsewhere to facilitate and promote the drug trafficking enterprise, including to receive drug proceeds from other members of the organization.

Upon receipt of the shipped cocaine, leaders of the drug trafficking organization in Western Pennsylvania would distribute smaller quantities of the drugs to multiple co-conspirators, including Samuels, in order to maximize profits. Those co-conspirators then distributed the cocaine in New Castle, Ellwood City, and elsewhere in Lawrence County. At least 100 grams of cocaine was attributable to Samuels, who was found during the investigation to frequent the New Castle residence of the drug trafficking organization’s local leader for short durations, often multiple times a day.

Assistant United States Attorney Carl J. Spindler prosecuted this case on behalf of the government.

Acting United States Attorney Rivetti commended the Drug Enforcement Administration, Lawrence County High Intensity Drug Trafficking Area (HIDTA) Drug Task Force, and United States Postal Inspection Service, as well as the New Castle Police Department, Ellwood City Police Department, Federal Bureau of Investigation, Internal Revenue Service – Criminal Investigation, Pennsylvania Office of Attorney General, Pennsylvania State Police, Pittsburgh Bureau of Police, and United States Department of Agriculture for the investigation leading to the successful prosecution of Tulla and Samuels.

Lawrence County is one of six Western Pennsylvania counties officially designated as a High Intensity Drug Trafficking Area by the White House’s Office of National Drug Control Policy. The county received its HIDTA designation in July 2022, allowing it to receive dedicated federal resources to coordinate federal, state, and local governments in fighting drug trafficking and abuse.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Project Safe Childhood Sentencings in Columbus

Source: Office of United States Attorneys

COLUMBUS, Ga. – A Harris County, Georgia, resident who engaged in criminal sexual activity with a middle schooler and a former contractor at Fort Moore guilty of possessing hundreds of files of child sexual abuse material (CSAM) on his phone were both sentenced to federal prison this week resulting from Project Safe Childhood investigations.

Patrick John Irvine, 22, of Shiloh, Georgia, was sentenced to serve 120 months in prison to be followed by ten years of supervised release on Jan. 28. Irvine previously pleaded guilty to one count of transportation with intent to engage in criminal sexual activity on Oct. 15, 2024.

Terric Taylor, 28, of Fortson, Georgia, was sentenced to serve 97 months in prison to be followed by ten years of supervised release on Jan. 28. Taylor previously pleaded guilty to one count of possessing child pornography on Oct. 15, 2024.

Both defendants will have to register as a sex offender upon release from prison. U.S. District Judge Clay Land presided over the cases. There is no parole in the federal system.

“Our office has zero tolerance for people who prey on children, and we will use every resource at our disposal to investigate and prosecute Project Safe Childhood cases,” said Acting U.S. Attorney C. Shanelle Booker. “Both cases demonstrate how law enforcement and community partners are helping us hold child sex offenders accountable.”

“With a victim-centered approach, the FBI will continue working with our law enforcement partners to hold those who choose to prey on our most vulnerable citizens accountable,” said FBI Atlanta Acting Special Agent in Charge Sean Burke.

“These cases show how local, state, and federal law enforcement agencies are working together to fight for the safety of our children,” said Harris County Sheriff Mike Jolley.

According to court documents and statements referenced in court in the Irvine case, sometime in mid-March 2024, Irvine met 12-year-old Jane Doe on Snapchat, and they continued to communicate through Snapchat, Facetime and text messages over the next several weeks. Irvine made plans with Jane Doe to travel approximately four hours from his home in Harris County to a meeting place near her home in Alabama. They met on the night of March 23, 2024, and on March 24, 2024, Irvine texted Jane Doe to, “start packing, I’ll get you next weekend.” Irvine returned to Jane Doe’s Alabama residence on the evening of Friday, March 29, 2024, and drove her to Georgia. Jane Doe’s family members reported her missing the next day. Jane Doe’s mother acquired her daughter’s cell phone records from AT&T and discovered a high frequency of calls between the victim and a number she did not recognize, which was Irvine’s phone number. She attempted to call and text Irvine’s number, and finally got a response:

• Defendant: “Sorry, I’m at work. Is everything okay?”

• Mom: “No I need to talk to you now. I’m [the victim’s] mother. Please answer.”

• Defendant: “[victim’s first name] who?”

• Mom: “Why is a 12-year-old calling the number multiple times late at night if you are old enough to be working? It’s all over my call AT&T call logs.”

• Defendant: “We were going to hang out then I found out how old she was, and I haven’t talked to her since. Is everything okay?”

• Mom: “You need to call me. The police will be calling soon.”

• Defendant: “Sorry I’m at work and I can’t call right now.”

After identifying the subscriber of this number as Irvine, the Harris County Sheriff’s Office was notified and dispatched to Irvine’s residence. Upon arrival, Irvine emerged shirtless from the house and initially denied Jane Doe was in the house, but then stated that she had just gotten out of the shower. Jane Doe escaped out of a window and was found hiding in the woods.

According to court documents and statements referenced in court in the Taylor case, the National Center for Missing and Exploited Children (NCMEC) received a Cybertip on July 17, 2022, from the social media platform X concerning user “strayBreeders04” who had uploaded a file of child pornography on the platform. The Georgia Bureau of Investigation (GBI) and the Harris County Sheriff’s Office (HCSO) discovered Taylor was the user and was employed as a contractor at Fort Moore. Working with Fort Moore’s Criminal Investigation Division (CID), Taylor was located, and he admitted to agents that he uploaded images of child pornography to X. Agents found several files of child sexual abuse material (CSAM) on his phone. Taylor estimated he had approximately 50 videos of children engaging in sexual acts on his device.

These cases were brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse, launched in May 2006 by the Department of Justice. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to locate, apprehend and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit www.projectsafechildhood.gov.

The Irvine case was investigated bythe FBI, the Harris County Sheriff’s Office and the Walker County, Alabama, Sheriff’s Office.

The Taylor case was investigated by the FBI, GBI and the Harris County Sheriff’s Office with assistance from the National Center for Missing and Exploited Children (NCMEC).

Assistant U.S. Attorney Crawford Seals prosecuted the cases for the Government

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Former Federal Correctional Officer Charged With Attempting to Smuggle Contraband into Metropolitan Detention Center in Brooklyn

Source: Office of United States Attorneys

Defendant Allegedly Stashed Marijuana and Cigarettes Inside Government-Issued Protective Vest

Earlier today, a complaint was unsealed in federal court in Brooklyn charging former federal correctional officer Najee Jackson with attempting to smuggle contraband into the Metropolitan Detention Center in Brooklyn (MDC-Brooklyn). Jackson was arrested this morning and is scheduled for an initial appearance this afternoon before United States Magistrate Judge Vera M. Scanlon.

John J. Durham, United States Attorney for the Eastern District of New York, and Ryan T. Geach, Special Agent in Charge, Department of Justice, Office of the Inspector General (DOJ-OIG), announced the arrest.

“As alleged, Najee Jackson violated his duty and abused his position of trust as a correctional officer by attempting to smuggle contraband into the very institution he was sworn to protect,” stated United States Attorney Durham. “The smuggling of contraband into a jail endangers correctional officers and inmates. Disrupting corruption in any form at MDC-Brooklyn will continue to be a priority of my Office, working in tandem with our federal law enforcement partners.”

“Jackson’s alleged attempt to smuggle contraband into the Brooklyn prison compromised the safety and security of the institution,” stated DOJ-OIG Geach, “The Department of Justice Office of the Inspector General is committed to bringing to justice any Federal Bureau of Prisons employee who abuses their authority and attempts to smuggle illegal contraband into federal prisons.”

As alleged in the complaint, Jackson became a correctional officer at MDC-Brooklyn in November 2023. On January 21, 2025, Jackson arrived at the jail around 12:15 a.m. to begin working a night shift. Before entering MDC-Brooklyn, staff members are required to pass through a screening area consisting of a metal detector and a conveyor belt that passes through an x-ray machine. Staff members entering the facility are also required to place their personal belongings on the conveyor belt to pass through the x-ray machine, and to walk through the metal detector. Jackson placed various personal belongings into a bin on the conveyor belt, and then walked through the metal detector, triggering the alarm. After making several failed attempts to clear the metal detector, Jackson removed his Bureau of Prisons-issued protective vest, which was found to contain vacuum‑sealed bags of marijuana, cigarettes, two lighters and rolling papers. Two days later, Jackson resigned from the Bureau of Prisons.

The charges in the complaint are allegations and the defendant is presumed innocent unless and until proven guilty. If convicted, Jackson faces a maximum sentence of five years’ imprisonment.

The government’s case is being handled by the Office’s Public Integrity Section. Assistant United States Attorney Russell Noble is in charge of the prosecution.

The Defendant:

NAJEE JACKSON
Age: 32
Brooklyn, New York

E.D.N.Y. Docket No. 25-MJ-18 (VMS)

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Missouri Man Sentenced to 14 Years in Prison for Trying to Persuade Minors to Engage in Sex Acts Online

Source: Office of United States Attorneys

ST. LOUIS – U.S. District Judge Henry E. Autrey on Wednesday sentenced a man who tried to persuade minors into engaging in sex acts online to 14 years in prison.

Judge Autrey also ordered Jason Michael Enke to pay a special assessment of $5,300 that will go to victims of child sexual abuse material. Once released from prison, he will be on supervised release for life.

From August to October of 2023, Enke sent a series of sexually explicit messages during online chat sessions and via social media to five people who identified themselves online as minors. He tried to persuade the minors to engage in sexual conduct and shared a video of himself and a 16-year-old engaging in sex acts.

In November of 2023, the National Center for Missing and Exploited Children (NCMEC) notified the FBI’s St. Louis office that Enke had sent a video containing child pornography to an Instagram user who listed their age as 15. FBI agents performed a court-approved search of Enke’s home near Bourbon, Missouri and found videos containing child sexual abuse material on his electronic devices.

“We thank the National Center for Missing and Exploited Children for sharing tips in this case and others,” said Acting Special Agent in Charge Chris Crocker of the FBI St. Louis Division. “As a result, FBI St. Louis, the Crawford County Sheriff’s Office and the U.S. Attorney’s Office for the Eastern District of Missouri have taken another predator off the streets so he can no longer prey on children.”

Enke, 45, of Crawford County, Missouri, pleaded guilty in U.S. District Court in St. Louis to one count of receipt of child pornography, one count of distribution of child pornography and one count of coercion and enticement of a minor.

The FBI and the Crawford County Sheriff’s Office investigated the case. Assistant U.S. Attorney Jillian Anderson prosecuted the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Coast Guard rescues two mariners from sinking sailboat more than 100 miles off North Carolina coast

Source: United States Coast Guard

01/29/2025 03:11 PM EST

WILMINGTON, N.C. – The Coast Guard rescued two men approximately 103 miles east of Wilmington, N.C., Tuesday. The pair called for help when their 32-foot sailboat, Walrus, began sinking and they were unable to keep up with flooding.

For more information follow us on Facebook, Twitter and Instagram.

MIL Security OSI –

January 30, 2025
MIL-OSI Security: Mexican Man Guilty of Illegal Re-entry by Removed Alien

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans announced that JESUS MALDONADO-LOPEZ (“MALDONADO-LOPEZ”), age 38, a citizen of Mexico, pled guilty on January 16, 2025, to reentry of removed alien, in violation of Title 8, United States Code, Section 1326(b)(1).

According to court documents, MALDONADO-LOPEZ, an illegal alien with a prior felony conviction for transporting illegal aliens within the United States, was found in the New Orleans area on or around July 29, 2024. He had previously been deported to Mexico on May 29, 2008.

MALDONADO-LOPEZ faces a maximum penalty of 10 years imprisonment, up to a $250,000 fine, up to three years of supervised release, and a $100 mandatory special assessment fee. U.S. District Judge Jay C. Zainey has set the sentencing for April 15, 2025.

U.S. Attorney Evans praised the work of the U.S. Immigration and Customs Enforcement – Enforcement and Removal Operations, in investigating this matter. Assistant United States Attorney Spiro G. Latsis of the General Crimes Unit oversees the prosecution.

MIL Security OSI –

January 30, 2025
MIL-OSI Video: Vice President Vance Swears in Transportation Secretary Sean Duffy

Source: United States of America – The White House (video statements)

The White House

https://www.youtube.com/watch?v=KfCps7UHPnM

MIL OSI Video –

January 30, 2025
MIL-OSI Canada: Ag Hall of Fame inducts visionaries, opens new exhibit
Source: Government of Canada regional news (2)
Alberta Agriculture Hall of Fame Exhibit at Reynolds Museum in Wetaskiwin, Alberta.

The Alberta Agriculture Hall of Fame was created in 1951 to recognize outstanding contributions in shaping the progress and prosperity of Alberta agriculture. Since 1951, 144 men and women have been named to the Alberta Agriculture Hall of Fame for their innovation and unwavering dedication to the ag industry.

On Jan. 29, the 41st induction ceremony took place at the Reynolds Museum in Wetaskiwin, honouring three outstanding Albertans. In addition to the induction, a permanent exhibit at the Reynolds Museum in Wetaskiwin has been opened, which will showcase both new and former inductees, as well as the rich history of agriculture in Alberta.

“I am honoured to welcome three new inductees to the Agriculture Hall of Fame. They have helped to raise awareness of the vital role of agriculture and were essential to the early development of our province. This year, I am thrilled to open the Ag Hall of Fame exhibit, a permanent space to celebrate the legacy and innovations that shape Alberta’s agricultural industry.”

RJ Sigurdson, Minister of Agriculture and Irrigation

The Alberta Agriculture Hall of Fame inducts up to three Albertans every two years. The 2024 inductees are being honoured for their advocacy, leadership and pioneering spirit in advancing the province’s agriculture and food industry. The inductees are:
- Dr. Kee Jim, from Okotoks, for his innovative, data-driven approach to feedlot cattle health, effective disease protocols and strengthening Alberta’s cattle industry.
- Blair Roth, from Lethbridge, for his visionary role in developing pulse crops as a dryland farming option, shaping early agronomics, variety selection and marketing strategies.
- Manfred Kanehl (posthumous induction), from Parkland County, for his outstanding contributions and advancements to animal welfare and food safety within the Canadian egg industry and for pioneering the Start Clean – Stay Clean on-farm food safety program launched nationally and still in use today.
Permanent exhibit: Alberta Agriculture Hall of Fame and Century Farm and Ranch Award

Alberta’s government has proudly opened an exhibit to showcase the province’s proud ag history and honour the men and women who made agriculture innovation and growth possible. The permanent feature includes the Alberta Agriculture Hall of Fame and Century Farm and Ranch Award exhibit.

The exhibit will be permanently housed in the grain elevator at the Reynolds Museum and will preserve and celebrate the stories, milestones and legacy of Alberta’s agricultural history. The exhibit includes:
- Two interactive displays that provide access to biographies, photos and videos of Hall of Fame inductees.
- A large-scale display that includes banners and wall mounts combining text, imagery and design elements that showcase the Alberta Agriculture Hall of Fame and Alberta Century Farm and Ranch Award programs.
“I’m excited that the Reynolds Museum is celebrating Alberta’s agricultural history by showcasing the Albertans who shaped it and spurred the sector’s innovation and growth. I hope all Albertans have the chance to visit this exhibit and learn the inspiring stories of these outstanding individuals.”

Tanya Fir, Minister of Arts, Culture and Status of Women

Quick facts: Ag Hall of Fame
- The Agriculture Hall of Fame is the Department of Alberta Agriculture and Irrigation’s oldest and most prestigious award.
- The inductees were nominated by their peers through an open process and reviewed by a panel of judges from a cross-section of members from Alberta’s agriculture industry.
Quick facts: Alberta Agriculture Hall of Fame and Century Farm and Ranch Award exhibit
- The Ministries of Agriculture and Irrigation and Arts, Culture and Status of Women collaborated on the design and decision to install the Ag Hall of Fame at the Reynolds Museum.
- The Alberta Century Farm and Ranch Award, established in 1993, recognizes families who have continuously owned and operated the same land for at least 100 years.
- Alberta’s oldest farms and ranches trace back to 1884.
Related information
- Alberta Agriculture Hall of Fame
- 2024 Hall Inductees
Multimedia
- Dr. Kee Jim video
- Blair Roth video
- Manfred Kanehl video
MIL OSI Canada News –
January 30, 2025
MIL-OSI Canada: New cabinet committee will protect B.C.’s economy from tariff threat
Premier David Eby is tasking a new cabinet committee with co-ordinating the whole-of-government approach to protect B.C.’s workers, businesses and economy against ongoing tariff threats from the United States.

Ravi Kahlon, Minister of Housing and Municipal Affairs, will chair the committee, which will act as a day-to-day war room, co-ordinating actions across government to fight back on behalf of British Columbians and grow the province’s economy.

“The proposed U.S. tariffs are a direct attack on B.C.’s families,” Premier Eby said. “This threat isn’t going away anytime soon – not while this president is in power. Every minister has an important role to play in fighting back. Minister Kahlon brings deep experience in government to the table and is uniquely positioned to co-ordinate this work across government ministries.”

The B.C. government has stepped up with a three-point strategy to fight back and protect British Columbians: respond to U.S. tariffs with tough counter-actions and outreach to American decision-makers; strengthen B.C.’s economy by expediting projects and supporting industry and workers; and diversify trade markets for products so British Columbia is less reliant on U.S. markets and customers.

“We didn’t ask for this fight, but B.C. will not be bullied,” Kahlon said. “My colleagues and I will work shoulder to shoulder with workers, business and community leaders to meet this moment.”

The new committee will ensure that B.C.’s response is fast, tough and fully focused on protecting British Columbians, while strengthening, growing and diversifying the province’s economy for the long-term.

Members of the new cabinet committee are:
- Ravi Kahlon, Minister of Housing and Municipal Affairs (chair)
- Diana Gibson, Minister of Jobs, Economic Development and Innovation
- Brenda Bailey, Minister of Finance
- Adrian Dix, Minister of Energy and Climate Solutions
- Lana Popham, Minister of Agriculture and Food
- Randene Neill, Minister of Water, Land and Resource Stewardship
- Rick Glumac, Minister of State for Trade
- Ravi Parmar, Minister of Forests
- Jagrup Brar, Minister of Mining and Critical Minerals
- Tamara Davidson, Minister of Environment and Parks
MIL OSI Canada News –
January 30, 2025
MIL-OSI USA: Federal Court Orders International Enterprise to Pay Over $451 Million for Global Binary Options Fraud

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — The Commodity Futures Trading Commission today announced the U.S. District Court for Northern District of Illinois issued an order of default judgment against five offshore entities and three individuals, finding them liable for fraud and other violations of the Commodity Exchange Act and CFTC regulations in connection with a global retail binary options fraud that victimized U.S. residents. The defendants executed their unlawful scheme through internet websites using fictitious trade names such as BigOption, BinaryBook, and BinaryOnline.
The following foreign entities and Israeli citizens were found liable for, and enjoined from, fraud and other violations:

Yukom Communications Ltd., incorporated in Israel
Linkopia Mauritius Ltd., incorporated in Mauritius
Wirestech Limited d/b/a BigOption, incorporated in the Marshall Islands
WSB Investments Ltd. d/b/a BinaryBook, incorporated in Anguilla, the United Kingdom, St. Vincent and the Grenadines, and Gibraltar
Zolarex Ltd. d/b/a BinaryOnline, incorporated in the Marshall Islands
Yossi Herzog
Lee Elbaz
Shalom Peretz

The order finds the defendants engaged in fraud and other violations and orders them to pay, jointly and severally, $112.9 million in restitution and a $338.7 million civil monetary penalty. The order also permanently enjoins them from engaging in conduct that violates the CEA, as charged, and permanently bans them from registering with the CFTC and from trading in any CFTC-regulated markets.
The order stems from the CFTC’s complaint, filed Aug. 12, 2019, charging defendants with fraud and other violations. [See CFTC Press Release No. 7995-19]
Case Background
The order finds that from March 26, 2014, until the filing of the complaint on Aug. 12, 2019, the defendants made numerous fraudulent misrepresentations to customers on websites and through email and telephone solicitations, telling customers that binary option transactions were profitable, when in fact the substantial majority of their customers lost money, and individual brokers misrepresented their names, financial expertise, and physical location. The order finds the defendants misappropriated customer funds and made additional misrepresentations to thwart customers’ attempts to withdraw their funds, including failing to disclose material information about so-called “bonuses” and “risk-free trades.” The defendants also manipulated their trading platform’s risk settings to limit or prevent customers from being “in the money” with winning trades.
Previous Settlement
The court previously entered a consent order against another defendant involved in the fraud, Yakov Cohen, which resolved similar allegations against Cohen and required that he disgorge $7 million in ill-gotten gains received from his participation in the fraudulent binary options scheme. [See CFTC Press Release 8962-24]
Parallel Criminal Actions
On Aug. 7, 2019, Elbaz was convicted by a federal jury of wire fraud and conspiracy to commit wire fraud in violation of criminal statutes based upon substantially the same underlying facts as alleged in the CFTC complaint, she was sentenced to 20 years in prison, and ordered to pay restitution of $28 million in United States v. Elbaz, No. 18-cr-00157 (D. Md.)
Cohen pled guilty to a charge of conspiracy to commit wire fraud predicated on the same conduct charged in CFTC’s complaint. He was sentenced to 5.5 years in prison on Aug.15, 2024 and ordered to pay $7 million in restitution on January 22, 2025, in United States v. Yakov Cohen, No. 19 cr 77-1 PX (D. Md.).
The CFTC thanks the U.S. Attorney’s Office for the District of Maryland for their assistance in this matter.
The Division of Enforcement staff responsible for this case are Heather Dasso, Elizabeth N. Pendleton, Elizabeth Streit, Scott R. Williamson, and Robert T. Howell.
* * * * * * *
Fraud Advisory
The CFTC’s Office of Customer Education and Outreach and the SEC’s Office of Investor Education and Advocacy have issued a joint investor alert to warn about fraudulent schemes involving binary options and their trading platforms. The alert warns customers the perpetrators of these unlawful schemes may refuse to credit customer accounts, deny fund reimbursement, commit identity theft, and manipulate software to generate losing trades.
The CFTC also urges the public to verify a company’s registration at NFA BASIC before committing funds. Customers should be wary of providing funds to any unregistered entity.
Suspicious activities or information, such as possible violations of commodity trading laws, can be reported to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the CFTC Whistleblower Office. Whistleblowers may be eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the CFTC Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA.

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: 6 NASA Experiments on Materials, Benefitting Space and Earth

Source: NASA

Did you know that NASA conducts ground-breaking research in space on materials like metals, foams, and crystals? This research could lead to next-generation technology that both enables deep-space exploration and benefits humanity.
Here are six studies scientists have conducted on the International Space Station that could have profound implications for future space travel and also improve products widely used on Earth:

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: Geyser Season on Mars

Source: NASA

This Oct. 29, 2018, image from the HiRISE camera on NASA’s Mars Reconnaissance Orbiter captures geysers of gas and dust that occur in springtime in the South Polar region of Mars. As the Sun rises higher in the sky, the thick coating of carbon dioxide ice that accumulated over the winter begins to warm and then turn to vapor. Sunlight penetrates through the transparent ice and is absorbed at the base of the ice layer. The gas that forms because of the warming escapes through weaknesses in the ice and erupts in the form of geysers.
HiRISE, or the High Resolution Imaging Science Experiment, is a powerful camera that takes pictures covering vast areas of Martian terrain while being able to see features as small as a kitchen table.
Image credit: NASA/JPL-Caltech/University of Arizona

MIL OSI USA News –

January 30, 2025
MIL-OSI USA: NASA’s Asteroid Bennu Sample Reveals Mix of Life’s Ingredients

Source: NASA

Lee esta nota de prensa en español aquí.
Studies of rock and dust from asteroid Bennu delivered to Earth by NASA’s OSIRIS-REx (Origins, Spectral Interpretation, Resource Identification and Security–Regolith Explorer) spacecraft have revealed molecules that, on our planet, are key to life, as well as a history of saltwater that could have served as the “broth” for these compounds to interact and combine.
The findings do not show evidence for life itself, but they do suggest the conditions necessary for the emergence of life were widespread across the early solar system, increasing the odds life could have formed on other planets and moons.
“NASA’s OSIRIS-REx mission already is rewriting the textbook on what we understand about the beginnings of our solar system,” said Nicky Fox, associate administrator, Science Mission Directorate at NASA Headquarters in Washington. “Asteroids provide a time capsule into our home planet’s history, and Bennu’s samples are pivotal in our understanding of what ingredients in our solar system existed before life started on Earth.”
In research papers published Wednesday in the journals Nature and Nature Astronomy, scientists from NASA and other institutions shared results of the first in-depth analyses of the minerals and molecules in the Bennu samples, which OSIRIS-REx delivered to Earth in 2023.
Detailed in the Nature Astronomy paper, among the most compelling detections were amino acids – 14 of the 20 that life on Earth uses to make proteins – and all five nucleobases that life on Earth uses to store and transmit genetic instructions in more complex terrestrial biomolecules, such as DNA and RNA, including how to arrange amino acids into proteins.
Scientists also described exceptionally high abundances of ammonia in the Bennu samples. Ammonia is important to biology because it can react with formaldehyde, which also was detected in the samples, to form complex molecules, such as amino acids – given the right conditions. When amino acids link up into long chains, they make proteins, which go on to power nearly every biological function.
These building blocks for life detected in the Bennu samples have been found before in extraterrestrial rocks. However, identifying them in a pristine sample collected in space supports the idea that objects that formed far from the Sun could have been an important source of the raw precursor ingredients for life throughout the solar system.
“The clues we’re looking for are so minuscule and so easily destroyed or altered from exposure to Earth’s environment,” said Danny Glavin, a senior sample scientist at NASA’s Goddard Space Flight Center in Greenbelt, Maryland, and co-lead author of the Nature Astronomy paper. “That’s why some of these new discoveries would not be possible without a sample-return mission, meticulous contamination-control measures, and careful curation and storage of this precious material from Bennu.”
While Glavin’s team analyzed the Bennu samples for hints of life-related compounds, their colleagues, led by Tim McCoy, curator of meteorites at the Smithsonian’s National Museum of Natural History in Washington, and Sara Russell, cosmic mineralogist at the Natural History Museum in London, looked for clues to the environment these molecules would have formed. Reporting in the journal Nature, scientists further describe evidence of an ancient environment well-suited to kickstart the chemistry of life.
Ranging from calcite to halite and sylvite, scientists identified traces of 11 minerals in the Bennu sample that form as water containing dissolved salts evaporates over long periods of time, leaving behind the salts as solid crystals.
Similar brines have been detected or suggested across the solar system, including at the dwarf planet Ceres and Saturn’s moon Enceladus.
Although scientists have previously detected several evaporites in meteorites that fall to Earth’s surface, they have never seen a complete set that preserves an evaporation process that could have lasted thousands of years or more. Some minerals found in Bennu, such as trona, were discovered for the first time in extraterrestrial samples.
“These papers really go hand in hand in trying to explain how life’s ingredients actually came together to make what we see on this aqueously altered asteroid,” said McCoy.
For all the answers the Bennu sample has provided, several questions remain. Many amino acids can be created in two mirror-image versions, like a pair of left and right hands. Life on Earth almost exclusively produces the left-handed variety, but the Bennu samples contain an equal mixture of both. This means that on early Earth, amino acids may have started out in an equal mixture, as well. The reason life “turned left” instead of right remains a mystery.
“OSIRIS-REx has been a highly successful mission,” said Jason Dworkin, OSIRIS-REx project scientist at NASA Goddard and co-lead author on the Nature Astronomy paper. “Data from OSIRIS-REx adds major brushstrokes to a picture of a solar system teeming with the potential for life. Why we, so far, only see life on Earth and not elsewhere, that’s the truly tantalizing question.”
NASA Goddard provided overall mission management, systems engineering, and the safety and mission assurance for OSIRIS-REx. Dante Lauretta of the University of Arizona, Tucson, is the principal investigator. The university leads the science team and the mission’s science observation planning and data processing. Lockheed Martin Space in Littleton, Colorado, built the spacecraft and provided flight operations. NASA Goddard and KinetX Aerospace were responsible for navigating the OSIRIS-REx spacecraft. Curation for OSIRIS-REx takes place at NASA’s Johnson Space Center in Houston. International partnerships on this mission include the OSIRIS-REx Laser Altimeter instrument from CSA (Canadian Space Agency) and asteroid sample science collaboration with JAXA’s (Japan Aerospace Exploration Agency) Hayabusa2 mission. OSIRIS-REx is the third mission in NASA’s New Frontiers Program, managed by the agency’s Marshall Space Flight Center in Huntsville, Alabama, for the agency’s Science Mission Directorate in Washington.
For more information on the OSIRIS-REx mission, visit:
https://www.nasa.gov/osiris-rex
Karen Fox / Molly WasserHeadquarters, Washington202-358-1600karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
Rani GranGoddard Space Flight Center, Greenbelt, Maryland301-286-2483rani.c.gran@nasa.gov

MIL OSI USA News –

January 30, 2025
MIL-OSI: Pulse Announces a $10.0 Million Seismic Data Licensing Agreement and Provides Revenue Update

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Jan. 29, 2025 (GLOBE NEWSWIRE) — Pulse Seismic Inc. (TSX:PSD) (OTCQX:PLSDF) (“Pulse” or the “Company”) is pleased to announce the signing of a $10.0 million seismic data licensing sales contract for 3D seismic data located in West Central Alberta. Pulse’s data library provides extensive seismic coverage critical for today’s data focused exploration and development companies throughout Western Canada.

The Company is also pleased to provide a preliminary update on recent licensing revenue. Since October 1, 2024, the Company has licensed $21.7 million of data. Of this amount, $5.6 million was licensed in the fourth quarter of 2024, bringing expected total revenue for 2024 to $23.4 million. For 2025, including the deal announced today, total licensing revenue is $16.1 million.

“As owners of Canada’s largest licensable seismic data library, we value our client relationships and the role our subsurface data plays as a strategic risk mitigation tool for the energy industry,” stated Neal Coleman, the Company’s President and CEO. “We are very pleased to report this material data licensing agreement, helping our clients maximize the value of their projects, while also generating returns for Pulse. Significant sales such as this, produce material incremental free cashflow for the Company,” Coleman continued.

Pulse returned $9.5 million of capital to shareholders in 2024 through dividends and share buybacks. In the second quarter of 2024 the Company increased its regular quarterly dividend by 9%, to an annualized dividend of $0.06 per share. Additionally, a special dividend of $0.05 per share was paid in the third quarter of 2024. Dividends of $0.10875 per common share were declared and paid in 2024, representing a total of $5.6 million. The Company purchased and cancelled approximately 1.8 million shares under its normal course issuer bid in 2024, contributing $3.9 million of the $9.5 million in total capital returned in the year.

These figures are preliminary and have not yet been audited or reviewed by our auditors. The Company will release its 2024 annual and fourth quarter financial results on February 13, 2025, after markets close.

Significant quarterly and annual fluctuations in data sales are intrinsic to the seismic data library business. The Company remains focused on maintaining a strong balance sheet, a low-cost structure and providing excellent customer care.

CORPORATE PROFILE

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the largest licensable seismic data library in Canada, currently consisting of approximately 65,310 square kilometres of 3D seismic and 829,207 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada’s oil and natural gas exploration and development occur.

For further information, please contact:

Neal Coleman, President and CEO
Or
Pamela Wicks, VP Finance and CFO

Tel.: 403-237-5559
Toll-free: 1-877-460-5559
E-mail: info@pulseseismic.com.
Please visit our website at www.pulseseismic.com

PDF available: http://ml.globenewswire.com/Resource/Download/57936ee4-ab00-4327-a730-9854ad3d848c

The MIL Network –

January 30, 2025
MIL-OSI: Landmark Bancorp, Inc. Announces Conference Call to Discuss Fourth Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Manhattan, KS, Jan. 29, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (Nasdaq: LARK) announced that it will release earnings for the fourth quarter of 2024 after the market closes on Tuesday, February 4, 2025. The Company will host a conference call to discuss these results on Wednesday, February 5, 2024 at 10:00 am (CT). Investors may listen to the Company’s earnings call via telephone by dialing (833) 470-1428 and using access code 296482. Investors are encouraged to call the dial-in number at least 5 minutes prior to the scheduled start of the call.

A replay of the earnings call will be available through February 12, 2025, by dialing (866) 813-9403 and using access code 817329.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the NASDAQ Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, LaCrosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:
Mark A. Herpich
Chief Financial Officer
(785) 565-2000

The MIL Network –

January 30, 2025
MIL-Evening Report: ABC’s Optics is a clever, believable comedy that will make you second-guess what you see in the media

Source: The Conversation (Au and NZ) – By Edith Jennifer Hill, Associate Lecturer, Learning & Teaching Innovation, Flinders University

ABC

What does it mean to tell the truth? And how do we, as consumers of media, differentiate truth from fabrication? Optics, a new comedy series from the ABC, asks these questions through the setting of a public relations firm.

The show expertly balances humour with quick-wit, social media vernacular, and a level of marketing wordsmithing that make you question if the news has ever told you a true story.

The show is based in the PR firm Fritz & Randell and opens with the death of its aging CEO Frank Fritz (Peter Carroll), in a men-only board meeting no less.

After Frank’s death, the son of the cofounder, Ian Randell (Charles Firth) makes a bid for top spot. But the owner of the firm, Bobby Bahl (Claude Jabbour) is concerned with “optics”, so he puts two young women in charge instead.

Each episode follows a PR scandal, and we watch as the new heads of the company – Greta Goldman (Vic Zerbst) and Nicole Kidman (Jenna Owen) – grapple with difficult clients and, occasionally, even more difficult coworkers.

Greta and Nicole are put in charge in every way, other than with the official promotion attached.

Their young, spunky attitude and social media prowess is seen as a massive advantage. And it is. But it soon becomes apparent this move is much more than a feminist fresh-take for the firm – and is rather a bid to push some skeletons further back in the closet.

With outrageous lines such as “is there an emoji for miscarriage”, you are guaranteed an entertaining watch.

A familar cast

You will probably recognise the show’s characters, either from your own office experiences, or your friend’s stories: the ageing CEO, people who act like they know more than they actually do, and young people talking about trends who may as well be speaking a different language.

Ian, who wants to appear as if he has all the answers, seems to have no idea how to say a politically correct sentence. Greta and Nicole have such a deep knowledge of social media trends and memes that their quick banter leaves Ian with whiplash.

The PR scandals that form the basis of each episode will feel relatable to a broad Australian audience. These characters – and the bizarre situations they find themselves in – effectively parody Australian contemporary media.

Perfect timing

It should be no surprise Vic Zerbst (playing Greta), Jenna Owen (playing Nicole) and Charles Firth (playing Ian) put on a consistently convincing and funny performance.

The release of the show is also poetically timed with global conversations around online censorship, content moderation, algorithms and reliable news sources.

While focusing on a variety of PR emergencies, Optics takes us on a riveting exploration of marketing and language. For instance, one crisis involving an AFL player who drunkenly punches a priest is flipped into him learning a lesson about toxic masculinity.

We see Greta and Nicole craft apology video scripts and find convenient medical explanations for workplace outbursts.

As a social media researcher and user, their approach to an apology video felt particularity familiar to me. Their redemption strategy is one I have seen used a thousand times by social media stars and celebrities.

Two sides to each story

The show’s writers balance ideas of truth and fabrication in a way that’s not only hilarious, but also very believable. When Greta and Nicole meet with Qualitus, an airline accused of scamming their customers, the Qualitus team presents them with an alternate story of clever marketing.

In the captain’s lounge, surrounding by celebrities and the elite, Greta and Nicole negotiate deals and flip the narrative on Qualitus’ scams, helping the airline evade public scrutiny.

Optics pays homage to the work PR professionals do everyday to save reputations and negotiate what information is shared with the public and what never sees the light of day.

The show will have you questioning the stories you yourself are presented through news outlets. Further still, it will make you wonder how many hands those stories passed through before they hit the papers and screens.

Optics is streaming now on ABC iView.

Edith Jennifer Hill does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. ABC’s Optics is a clever, believable comedy that will make you second-guess what you see in the media – https://theconversation.com/abcs-optics-is-a-clever-believable-comedy-that-will-make-you-second-guess-what-you-see-in-the-media-247802

MIL OSI Analysis – EveningReport.nz –

January 30, 2025

Trading venue (MIC Code)	Number of shares	Weighted average price / share, EUR*
XHEL	872,093	4.33
CEUX	–	–
BATE	–	–
AQEU	–	–
TQEX	–	–
Total	872,093	4.33

Category: KB

Letter calls on State Department to swiftly restart program providing basic services to refugees, including Afghan allies who supported U.S. troops

In a speech on the Senate floor, Durbin listed the critical programs—VAWA funding, veterans’ support, early education programs—that were thrown into chaos by the OMB memo that put ahold on federal funding

Associated Links

Permanent exhibit: Alberta Agriculture Hall of Fame and Century Farm and Ranch Award

Quick facts: Ag Hall of Fame

Quick facts: Alberta Agriculture Hall of Fame and Century Farm and Ranch Award exhibit

Related information

Multimedia

A familar cast

Perfect timing

Two sides to each story